There is room for the US dollar (USD) to rise more against the Japanese yen (JPY), but it is unlikely that a sustained breakup will occur above 149.30. In the long term, the conditions are still overcompra, but a strong impulse can continue to take the highest USD; The next level to monitor is 149.80, the FX analysts of UOB Group, quek be Leang and Peter Chia point out.
A strong impulse can continue to lead to the highest USD
24 -hour vision: “While we indicate yesterday that ‘a greater strength of the USD is not ruled out’, we emphasize that ‘the apparent negative divergence suggests that any advance is unlikely to break over the main resistance in 148.05.’ We did not expect the increase in the impulse that overwhelm the overcompra conditions, since the USD shot at a maximum of 149.01. USD breaks 148,30 (the minor support is in 148.50), it would mean that the ascending impulse is fading. “
Vision to 1-3 weeks: “We became positive about the USD in early last week (see scores in the graph below). In our most recent narrative of two days ago, we indicate that” although we maintain our positive vision, the overcompra conditions suggest a slower rhythm of progress, and the next main resistance in 148.05 (near the maximum of last month) may not appear so soon. ” 148.05 Before expected when shooting at a maximum of 149.01 in the NY trade yesterday.
Source: Fx Street
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