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USD/JPY: Fresh rally could retest 149.50 level – UOB

Continuation of bullish momentum could take USD/JPY to the 149.50 area in the coming weeksas suggested by Quek Ser Leang, Market Strategist at UOB Group, and Peter Chia, Senior Currency Strategist.

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24 hour view: Yesterday we highlighted that USD/JPY is “likely to rise above 149.00 but unlikely to reach 149.50.” We also highlight that “there is another resistance level at 149.20.” Our opinion was not wrong, as USD/JPY rose as high as 149.19 before quickly retreating. Although there is no clear increase in momentum, the trend for today is leaning upward. However, any advance to 149.50 remains unlikely. If USD/JPY breaks below 148.65 (minor support is at 148.85), it would mean that the current slight bullish pressure has faded.

Next 1-3 weeks: Yesterday (September 26, USD/JPY at 148.95), we indicated that “bullish momentum has improved further and USD/JPY could advance to 149.50.” There is no change in our opinion. Only a break of 148.10 (the “strong support” level was at 147.80 yesterday) would indicate that the current bullish pressure has faded. Looking ahead, if USD/JPY breaks above 149.50, the focus will shift to 150.00.

Source: Fx Street

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