USD/JPY: ENOUGH MOMENTUM TO BREAK ABOVE 145.70– UOB GROUP
Scope for the US Dollar (USD) to advance, but it does seem to have enough momentum to break the strong resistance at 145.70. In the longer run, downward momentum is slowing; if USD breaches 145.70, it would mean that 141.66 is not coming into view for now, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann notes.
Bulls target resistance at 145.70
24-HOUR VIEW: “Yesterday, we expected USD to trade in a range between 143.80 and 145.20. However, USD rose to 145.55 before pulling back sharply, and quickly, closing at 144.98 ( 0.28%). Upward momentum has increased, albeit not much. Today, there is scope for USD to advance, but it does not seem to have enough momentum to break the strong resistance at 145.70. On the downside, support levels are at 144.40 and 144.00.”
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