UOB Group currency strategists Lee Sue Ann and Quek Ser Leang see now Less chance for USD/JPY to challenge the 147.65 level short term.
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24 hour view: “Yesterday we highlighted that “USD/JPY recovery could extend to 144.00”. We added that “next major resistance at 145.00 is unlikely to come into the picture for now”. The anticipated advance exceeded our expectations and USD/JPY came close to break 145.00 (high has been 144.98) Despite pullback from high, bullish momentum remains strong and USD/JPY could break above 145.00 today Given overbought conditions, USD/JPY is unlikely to JPY can hold above 145.00 (next resistance at 146.00 unlikely to be threatened). Support lies at 143.50, followed by 143.00. Break of this last support level would indicate that the current upside pressure has subsided.” .
Next 1 to 3 weeks: “We expect USD/JPY to strengthen from early last week. As USD/JPY rallied, in our latest account yesterday (Sep 7, USD/JPY at 143.20), we indicated that the risk is clearly that USD/JPY continues to strengthen and the next level to watch is at 145.00 Although our view turned out to be correct, we did not expect USD/JPY to approach 145.00 so quickly as it spiked as high as 144.98 during London hours USD/JPY could continue the recovery but overbought conditions suggest a slower pace of advance and at this point the possibility of USD/JPY rallying to 1998 high near 147.65 is not To the downside, a break of 142.20 (“strong support” level was at 141.00 yesterday) would indicate that the USD/JPY recovery is ready to pause.”
Source: Fx Street
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