In the opinion of the economist Lee Sue Ann and the market strategist Quk Ser Leang of Global Economics & Markets Research of the UOB Group, a drop in USD/JPY to the 143.00 area appears to have lost momentum lately.
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24 hour view: “Yesterday, we were of the opinion that USD/JPY “is likely to break 143.50 but is unlikely to challenge the next major support at 143.00″. However, USD/JPY did not break 143.50 as it bounced sharply from the support (low has been 143.50). Price volatility has led to a mixed picture. USD/JPY could continue to trade choppy, likely between 143.80 and 144.90.”
Next 1-3 weeks: “We saw yesterday (Oct 5, USD/JPY at 143.90), short-term bearish momentum building and we expect USD/JPY to trade with a bearish bias towards 143.00. Subsequently, USD/JPY fell as low as 143.50 before to bounce hard to a high of 144.84. As long as our “strong resistance” level at 144.90 is not breached, the chances of USD/JPY going down to 143.00 have diminished.”
Source: Fx Street
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