Robust momentum is prone to proceed to outweigh overbought circumstances, however any advance could also be restricted to 147.20. Within the longer run, US Greenback (USD) outlook stays optimistic in opposition to Japanese Yen (JPY); the subsequent ranges to observe are 147.20 and 147.60, UOB Group’s FX analysts Quek Ser Leang and Peter Chia word.
Subsequent ranges to observe are 147.20 and 147.60
24-HOUR VIEW: “Subsequent to the surge in USD two days in the past, we identified yesterday that ‘sturdy momentum suggests additional USD energy, however overbought circumstances might restrict any positive factors to a take a look at of 146.55.’ We added, ‘the key resistance at 146.95 is probably going out of attain.’ We had underestimated the energy of the momentum, as USD soared to 146.97. USD eased off from the excessive to shut at 146.55 (+0.35%). The sturdy momentum is prone to proceed to outweigh the overbought circumstances. Nonetheless, this time round, any additional USD energy could also be restricted to 147.20. The subsequent resistance at 147.60 is unlikely to come back beneath menace. Assist is at 146.40, adopted by 146.00.”
1-3 WEEKS VIEW: “Yesterday (08 Jul, spot at 146.15), we indicated that ‘the USD outlook is optimistic now, and the extent to observe is 146.95.’ We didn’t count on USD to succeed in 146.95 so quickly, because it rose to a excessive of 146.97 in NY commerce. We proceed to view USD positively, and the subsequent ranges to observe are 147.20 and 147.60. We’ll keep our outlook so long as USD holds above the ‘sturdy help’ at 145.20 (degree was at 144.70 yesterday).”
