In the opinion of the economist Lee Sue Ann and the market strategist Quek Ser Leang, from the UOB Group’s Global Economics & Markets Research, USD/JPY could return to the 143.00 area in the coming weeks.
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24 hour view: “Our view that USD/JPY will “trade sideways between 144.20 and 145.15” yesterday was incorrect. USD/JPY fell to as low as 143.88 before extending its decline at the start of the Asian session. Downside momentum is building quickly and the risk is that USD/JPY breaks 143.50. However, USD/JPY is unlikely to challenge the next major support at 143.00. To the upside, 144.55 is probably strong enough to limit any intraday rebounds (resistance lower is at 144.20).”
Next 1-3 weeks: “Two days ago (Oct 3, USD/JPY at 144.70), we highlighted that the recent surge in bullish momentum has faded and we expected USD/JPY to trade between 143.50 and 145.60. Yesterday, USD/JPY fell to a low from 143.88 before extending its decline today.Short-term bearish momentum is building and we expect USD/JPY to trade with a bearish bias towards 143.00 in the coming days.Our opinion will be invalidated if USD/JPY breaks above the level of “strong resistance”, currently at 144.90″.
Source: Fx Street
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