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- USD/JPY now faces the next hurdle at 114.20 – UOB
USD/JPY now faces the next hurdle at 114.20 – UOB
In light of the recent price action, USD/JPY could extend the upside to the 114.20 level in the short-term horizon, suggested FX Strategists at UOB Group.
Key Quotes
24-hour view: “While our view for USD to ‘advance further’ yesterday was not wrong, we did not anticipate the manner by which USD rocketed to 113.41 (we were of the view that 112.80 is likely out of reach). Conditions are overbought but the impulsive momentum suggests that USD could strengthen further to 113.80. For today, it appears unlikely that USD would break the major resistance at 114.20. Support is at 113.10 followed by 112.80.”
Next 1-3 weeks: “Yesterday (11 Oct, spot at 112.30), we highlighted that ‘rapid improvement in upward momentum indicates that USD could advance to 112.50, possibly 112.80’. USD subsequently blew past both 112.50 and 112.80 as it rocketed to 113.41 before closing higher by a whopping +0.96% (NY close of 113.30), its largest 1-day advance since Nov last year. The impulsive surge suggests that further USD strength would not be surprising. The next resistance is at 114.20. The USD strength is deemed intact as long as it does not breach 112.40 (‘strong support’ level is markedly higher from yesterday’s level of 111.50).”
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