USD/JPY could see its bullish bias mitigated if it breaks the 146.85 levelas suggested by Lee Sue Ann, Economist at UOB Group, and Quek Ser Leang, Market Strategist.
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24 hour view: Last Friday, USD/JPY rose to a high of 147.96. Yesterday, we stated that “despite the advance, bullish momentum has not improved much”, and we expected USD/JPY to move higher. Instead of rising, USD/JPY traded sideways in a relatively tight range between 147.54 and 147.87. This development is likely to be part of a consolidation phase. Today, USD/JPY is likely trading within a range, probably between 147.35 and 147.90.
Next 1-3 weeks: Our update from yesterday (September 18, USD/JPY at 147.80) is still valid. As we have highlighted, bullish momentum has increased slightly, and USD/JPY could rise. At this time, the probability of a sustained rise above this level is not high. On the downside, if USD/JPY breaks 146.85 (unchanged from yesterday’s “strong support” level) it would indicate that the slight bullish pressure has eased.
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.
