UOB’s Quek Ser Leang and Lee Sue Ann preserve a constructive view on USD/JPY after the pair superior towards 158.84. Intraday, a push above 159.00 is anticipated, although staying above this barrier is unsure and 159.40 is seen as distant resistance. On a 1–3 week horizon, a transparent break of 159.00 would goal 159.40, with sturdy help now raised to 157.90.
Greenback power assessments key Yen resistance
“24-HOUR VIEW: USD rose to a excessive of 158.42 final Thursday. When USD was at 158.40 within the early Asian commerce on Friday, we indicated that “the renewed upward momentum suggests USD might rise additional to 158.70.” Nevertheless, we famous that “the foremost resistance at 159.00 is unlikely to become visible for now.” Our view was not improper, as USD rose to a excessive of 158.84. Whereas upward momentum has not elevated by a lot, USD might edge above 159.00 immediately. Nevertheless, it stays to be seen if it will probably preserve a foothold above this degree. The subsequent resistance at 159.40 is unlikely to become visible. Helps are at 158.60 and 158.40”
“1-3 WEEKS VIEW: Final Tuesday (12 Might, spot at 157.30), we highlighted that “whereas there’s room for USD to proceed to get well, any advance is predicted to face important resistance at 158.30.” After USD broke above 158.30, we highlighted the next on Friday (15 Might, spot at 158.40): “The rise in momentum is prone to result in additional advance in USD. The extent to look at is 159.00. Total, solely a breach of 157.40 (‘sturdy help’ degree was at 157.20 yesterday) would point out that USD shouldn’t be rising additional. On a short-term observe, 157.90 is already a agency help degree.” We proceed to carry the identical view, however we’re revising the ‘sturdy help’ degree to 157.90. Trying forward, if USD breaks clearly above 159.00, the following degree to look at is 159.40.”
(This text was created with the assistance of an Synthetic Intelligence device and reviewed by an editor.)
