A break below the 144.00 level should alleviate the upside pressure in USD/JPY in the short-term horizon, comment UOB Group’s Economist Lee Sue Ann an
in the short-term horizon, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: Last Friday, USD fell to a low of 144.92 before closing at 145.37 . There is a slight increase in downward momentum, and USD is likely to trade with a downward bias today. However, any decline is unlikely to threaten the strong support at 144.00 . Resistance is at 145.60, followed by 146.00.
Next 1-3 weeks: In our most recent update from 11 Aug , we held the view that USD “could continue to advance, albeit likely at a slower pace.” We indicated that “the next level to watch above 145.05 is at 146.00.”. Last week, USD broke above 146.00 and rose to a high of 146.56, then pulled back. The pullback in overbought conditions and waning momentum suggest the odds for further sustained advance in USD are not high. However, only a breach of 144.
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