The upward momentum in the USD / JPY could extend to the 115.00 level on the short-term horizon, say currency strategists at UOB Group.
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24 hour view: “We had the opinion yesterday that USD / JPY ‘could move higher, but higher resistance at 114.55 is unlikely to enter the scene.’ Subsequently, USD / JPY rose to 114.39 before closing at 114.36 (+ 0.04% While USD / JPY moved above 114.55 during Asian hours, the upside momentum is not that strong and the next major resistance at 115.00 is unlikely to be threatened (there is another resistance at 114.80). That said. , only a break of 114.10 (the minor support is at 114.30) would indicate that the current pressure to the upside has eased. “
Next 1-3 weeks: “We have kept a strong eye on USD / JPY for 2 weeks. In our last narration on Monday (Oct 18, USD / JPY at 114.20), we indicated that USD / JPY ‘is still strong, but overbought conditions could lead to consolidation first. “We add:” Next resistance is at 114.55, followed by 115.00. “USD / JPY moved above 114.55 during Asian hours and the focus is now at 115.00. That said, trading conditions Overbought suggest that the odds of a sustained advance above 115.00 are not high. The next major resistance is at 115.60 and it is likely to be out of reach this time. On the downside, a breakout of 113.75 (‘strong level of support ‘previously at 113.50) would indicate that USD / JPY strength has come to an end. “
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