Additional gains could lead USD/JPY to revisit the 141.50 region on the short-term horizon, UOB Group currency strategists Lee Sue Ann and Quek Ser Leang have said.
24 hour view: “Last Friday we highlighted that “further USD/JPY strength is likely, although overbought conditions suggest USD/JPY may not be able to hold above 140.50.” Our view was not wrong, as USD /JPY briefly rose as high as 140.79 before easing to close flat at 104.20 Upside momentum is positive and we see room for USD/JPY to retest 140.80 level Sustained advance above 140.80 unlikely for now (Major resistance at 141.50 unlikely to be challenged.) Support is at 140.05 followed by 139.80″.
Next 1-3 weeks: “Last Friday (Sep 2, USD/JPY at 139.95), we highlighted that the upside momentum remains strong and a break of 140.50 would shift focus to 141.50. USD/JPY subsequently broke above 140.50 and rose to a high from 140.79 Price action suggests USD/JPY is likely to move higher and the focus is now at 141.50 On the downside a break of 139.30 (‘strong support’ level was at 138.60 last Friday ) would indicate that USD/JPY is unlikely to advance further.”
Source: Fx Street
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