The post USD/JPY must first close above 153. 00 to continue advancing UOB Group appeared com. Upward momentum is starting to build, but for a continued advance, US Dollar (USD) must first close above 153. 00, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note. Upward momentum is starting to build 24-HOUR VIEW: “Yesterday, we noted ‘the underlying tone has firmed somewhat’, and we held the view that ‘this is likely to lead to a higher range of 152. 40/153. 30 rather than a sustained advance’. USD then traded between 152. 54 and 153. 25 before closing marginally higher by 0. 01% at 152. 87. The current price movements are likely part of a range-trading phase, probably between 152. 20 and 153. 05.” 1-3 WEEKS VIEW: “Last Friday (24 Oct, spot at 152. 60), we highlighted that ‘upward momentum is starting to build, but USD must close above 153. 00 before a sustained rise can be expected.’ Yesterday, we indicated that ‘upward momentum continues to build, but we prefer to wait for a close above 153. 00 before adopting a positive stance’. We will continue to hold the same view, as long as 152. 00 (no change in ‘strong support’ level from yesterday) is not breached.” Source:.
