According to Market Strategist Quek Ser Leang and Senior Currency Strategist Peter Chia of UOB Group, USD/JPY now targeting the key 150.00 zone in the coming weeks.
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24-hour outlook: Yesterday we indicated that “the bias for USD/JPY is tilted to the upside.” However, we were of the opinion that “any advance to 149.50 is unlikely.” USD/JPY rose more than expected, reaching a high of 149.72. The bias remains bullish, but 150.00 is likely out of reach today. The bullish bias will fade if USD/JPY breaks below 149.05 (minor support is at 149.20).
Next 1-3 weeks: Two days ago (September 26, USD/JPY at 148.95), we indicated that “bullish momentum has improved further and USD/JPY could advance to 149.50.” Yesterday (September 27), USD/JPY reached a high of 149.72. Bullish momentum continues to improve, although not by much. USD/JPY could continue advancing to 150.00 if it holds above 148.55 (“strong support” level previously at 148.10).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
