There’s a probability for US Greenback (USD) to rise above 145.00 in opposition to Japanese Yen (JPY); the key resistance at 145.50 is unlikely to return underneath menace. Within the longer run, USD is more likely to commerce in a variety between 143.00 and 145.50, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
Main resistance at 145.50 is unlikely to return underneath menace
24-HOUR VIEW: “USD rebounded strongly final Friday. Yesterday, Monday, when USD was at 144.45, we indicated that ‘the sturdy rebound has gathered momentum, and USD might doubtlessly take a look at 145.00 at present.’ We added, ‘an increase above this stage is just not dominated out, however the main resistance at 145.50 is unlikely to return underneath menace.’ We identified, ‘help ranges are at 144.00 and 143.50.’ Within the NY session, USD dipped to 143.63, rebounded sharply to 144.87, earlier than ending the day at 144.72, up 0.44%. Whereas there is no such thing as a important enhance in upward momentum, there’s a probability for USD to rise above 145.00 at present. That mentioned, the key resistance at 145.50 remains to be unlikely to return underneath menace. In the present day’s help ranges are at 144.30 and 143.80.”
1-3 WEEKS VIEW: “Yesterday (16 Jun, spot at 144.45), we highlighted that USD ‘is more likely to commerce in a variety for now, most likely between 143.00 and 145.50.’ There is no such thing as a change in our view. Wanting forward, the chances of USD breaking above 145.50 first look like greater than it breaking under 143.00.”
