Upward momentum is starting to build for the US Dollar (USD), but for a continued advance, the currency must first close above the 153.00 level, note UOB Group’s FX analysts Quek Ser Leang and Peter Chia.
**24-Hour View**
Yesterday, we observed that “the underlying tone has firmed somewhat” and held the view that “this is likely to lead to a higher range of 152.40/153.30 rather than a sustained advance.” The 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 the ‘strong support’ level from yesterday) is not breached.
https://bitcoinethereumnews.com/finance/usd-jpy-must-first-close-above-153-00-to-continue-advancing-uob-group/?utm_source=rss&utm_medium=rss&utm_campaign=usd-jpy-must-first-close-above-153-00-to-continue-advancing-uob-group
