USD/JPY: Likely to consolidate between 153.30 and 154.85 – UOB Group
US Dollar (USD) is likely to consolidate between 153.30 and 154.85. USD could continue to rise; overbought conditions suggest that any advance may not reach 155.80, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
USD can continue to rise vs the JPY
24-HOUR VIEW: "While we expected USD to 'rise further' yesterday, we highlighted that 'the major resistance at 154.35 is unlikely to come under threat.' USD rose but remained below 154.35 until NY trade, when it surged to 154.79. USD closed on a strong note at 154.41, gaining 1.27%. The rally appears to be overdone, and USD is unlikely to rise much further. Today, USD is more likely to consolidate between 153.30 and 154.85."
1-3 WEEKS VIEW: "We revised our view from negative to neutral yesterday (12 Feb, spot at 152.95), indicating that 'downward pressure has eased.' We added, USD 'is likely to trade in a 151.40/154.35 range for the time being.' The subsequent strong surge that sent USD to a high of 154.79 was surprising. While USD could continue to rise, deeply overbought conditions suggest that any advance may not reach the major resistance at 155.80. On the downside, a breach of 152.50 would indicate that USD is not rising further."
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