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Forex

USD/JPY: The main target now could be at 150.00 – UOB Group

US Greenback (USD) view stays constructive; the main target now could be at 150.00, UOB Group’s FX analysts Quek Ser Leang and Peter Chia observe.

USD view stays constructive

24-HOUR VIEW: “When USD was at 148.35 within the early Asian commerce yesterday, we indicated that ‘the value actions are probably a part of a consolidation part.’ We anticipated USD to ‘commerce between 147.85 and 148.75.’ USD subsequently dipped beneath 147.85 (low of 147.78), it then reversed and soared, reaching a excessive of 149.53 within the NY session. The sharp rise seems to be extreme, however there may be room for USD to check 149.70 earlier than leveling off. Primarily based on the overbought momentum, any additional advance above 149.70 is unlikely to interrupt above 150.00 in the present day. Help is at 149.00, adopted by 148.65.”

1-3 WEEKS VIEW: “We turned constructive on USD early this week. In our most up-to-date narrative from Tuesday (29 Jul, spot at 148.55), we highlighted that the latest worth motion “signifies that USD may rise towards 149.20.” Our constructive view was appropriate, however we didn’t anticipate USD to achieve 149.20 as shortly, because it soared to a excessive of 149.53 yesterday. We keep our constructive view and are actually focusing at 150.00. Nevertheless, if USD breaks beneath the ‘sturdy assist’ at 148.20 (degree was beforehand at 147.40), it will point out that it isn’t rising additional.”

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