USD/JPY seems likely to continue rising on the near-term horizonaccording to Lee Sue Ann, UOB Group Economist, and Quek Ser Leang, Market Strategist.
Featured Comments
24 hour view: Our view for USD/JPY to “rally above last week’s high near 146.55” failed to materialize as it traded in a 145.51/146.39 range. The price movements appear to be part of a consolidation phase. Today, we expect USD/JPY to trade sideways between 145.35 and 146.30.
Next 1-3 weeks: We continue to hold the same view as yesterday (August 22, USD/JPY at 146.20). As we have highlighted, despite the fact that USD/JPY has bounced from 144.92, the bullish momentum has barely increased. That being said, there is room for USD/JPY to break above last week’s high near 146.55. However, it remains to be seen if there is enough momentum to send USD/JPY to the next major resistance at 147.50. In general, only a break of 144.50 (no change in the “strong support” level) would indicate that USD/JPY does not advance further.
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.
