A sustained USD/JPY advance looks likely above the 145.00 regionsay UOB Group currency strategists Lee Sue Ann and Quek Ser Leang.
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24 hour view: “Yesterday we highlighted that “USD/JPY bias is to the upside”. We added that “sustained rally above 144.50 is unlikely”. USD/JPY subsequently rose as high as 144.78 before closing at 144.75. USD/JPY pulled back from the high in early Asian trade and it looks like the upside pressure has eased a bit.That said, there is room for USD/JPY to rise first to 145.00 before a more sustained pullback is likely.For now , the next resistance at 145.50 is unlikely to be challenged. To the downside, a break of 143.80 (minor support is at 144.00) would indicate that USD/JPY is unlikely to advance further.”
Next 1-3 weeks: “Our last story was last Friday (Sep 23, USD/JPY at 142.20), where we held the view that USD/JPY could trade between 139.00 and 144.50. Yesterday, USD/JPY rose to a high price of 144.78.The bullish momentum is starting to solidify, but USD/JPY has to close above 145.00 before a sustained advance is likely.The odds of USD/JPY closing above 145.00 are not high, but would remain intact as long as 142.80 (“strong support” level) is not broken”.
Source: Fx Street
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