In light of the current price action, USD/JPY could further extend the bullish momentum and reach the 150.00 level on the short-term horizon, say UOB Group Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia.
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24 hour view: “Last Friday we highlighted that USD/JPY “could test 148.00 first before the risk of a pullback increases”. We did not expect the ease with which USD/JPY broke above 148.00 and shot up to 148.86. conditions are overbought but with no signs of weakness yet, USD/JPY advance could extend above 149.00 For today, major resistance at 150.00 unlikely to be in sight To the downside, a break of 147.50 (minor support is at 148.00) would indicate strong upside pressure has eased.”
Next 1-3 weeks: “Last Friday (Oct 14, USD/JPY at 147.35), we indicated that further USD/JPY strength is not ruled out, but given the overbought conditions, any advance is likely to be at a slower pace. However, the pair continues to rise as it reached 148.86 before closing strongly at 148.74 (+1.03%) Overbought conditions are deep but as long as the 146.60 level (the ‘strong support’) is not broken was at 146.20 last Friday), further USD/JPY strength to 150.00 is not ruled out.”
Source: Fx Street
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