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USD/JPY: Additional gains expected above 145.00 – UOB

Further gains in USD/JPY should leave the 145.00 region behind in the coming weeks, suggest UOB Group currency strategists Lee Sue Ann and Quek Ser Leang.

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24 hour view: “Yesterday, we expected USD/JPY to “consolidate and trade between 141.90 and 143.50”. USD/JPY subsequently fell below 141.90 (low 141.83) before staging a strong recovery to 144.68 during the New York session. USD/JPY looks likely to continue to strengthen, although overbought conditions suggest a sustained rally above 145.00 is unlikely. Next resistance at 145.50 is unlikely to come into the picture today. Support is at 144.00 followed by 143.70″ .

Next 1-3 weeks: “Two days ago (Sep 12, USD/JPY at 142.80), we highlighted that the recent two week USD/JPY strength is over and we expect USD/JPY to “consolidate and trade within a range of 140.80/144.60 “. Yesterday, USD/JPY reached a high of 144.68 before closing at 144.55. Upside momentum has improved, but USD/JPY is likely to close above major resistance at 145.00. If USD/JPY closes above above 145.00, it could trigger a rally towards 145.50 and 146.00. To the downside, a break of 143.30 would indicate that USD/JPY is not ready to move above 145.00 on a sustained basis.”

Source: Fx Street

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