The continuation of the upside momentum could motivate USD/JPY to challenge 147.00 and beyond in the next few weeks, according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
24-hour view: Last Friday, we held the view that USD “could rebound further, but the chance of it breaking clearly above 146.55 is not high.” We indicated that that “Support is at 145.60, followed by 145.20.” In NY trade, USD dropped briefly to 145.71 and then rebounded to a high of 146.63. Upward momentum has increased, albeit not much. Today, USD could edge higher, but a sustained break above 147.00 is unlikely. On the downside, if USD breaches 145.90 (minor support is at 146.20), it would mean the current mild upward pressure has faded.
Next 1-3 weeks: Last Friday (25 Aug, spot at 145.90), we indicated that USD must break and stay above 146.55 before a sustained rise is likely. While USD broke above 146.55 (high of 146.63), there was only a slight increase in momentum. That said, there is room for USD to grind higher to 147.00, possibly 147.50. The mild upward pressure is intact as long as USD stays above 145.20 (‘strong support’ level was at 144.50 last Friday).
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