USD/JPY NEEDS A BREAK ABOVE 162.00 TO GROW FURTHER – UOB GROUP
Instead of continuing to rise, the US Dollar (USD) is likely to trade in a sideways range of 161.25/161.80. Upward momentum is building, but USD has to break and close above 162.00 before a sustained advance is likely, UOB Group FX analysts Quek Ser Leang and Peter Chia note.
A break above 162.00 is not ruled out
24-HOUR VIEW: “We highlighted yesterday that USD ‘is likely to edge higher.’ However, we were of the view that ‘any advance is unlikely to break above the major resistance at 161.80.’ USD rose more than expected, reaching a high of 161.82. The advance appears to be running ahead of itself, and instead of continuing to rise, USD is likely to trade in a sideways range of 161.25/161.80.”
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