USD/JPY: A sustained advance is likely once 141.00 is cleared – UOB – by pabspiovano USDJPY Currencies Majors Banks
on a surpass of the 141.00 hurdle, suggest Economist Lee Sue Ann and Markets Strategist Quek ser Leang at UOB Group.24-hour view: Yesterday, we stated that “the outlook appears to be mixed” and we expected USD to trade in a range of 139.20/140.40. USD then traded in a narrower range than expected before closing little changed at 140.09 . Despite the quiet price actions, upward momentum appears to be building, and USD is likely to trade with an upward bias today.
Next 1-3 weeks: Our most recent narrative was from last Thursday wherein USD “is likely to trade between 138.50 and 141.00”. After trading within the range for a week, short-term upward momentum appears to be building. However, for USD to advance in a sustained manner, it must break clearly above 141.00. The chance of USD breaking above 141.00 will remain intact as long as it stays above the ‘strong support’ in the next few days.
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