In the opinion of Economist Lee Sue Ann and Markets Strategist Quk Ser Leang at UOB Group’s Global Economics & Markets Research, a drop in USD/JPY to the 143.00 vicinity looks to have misplaced momentum as of late.
Key Quotes
24-hour view: “Yesterday, we have been of the view that USD ‘is probable to wreck 143.50 however is not likely to task the next foremost assist at 143.00’. However, USD did now not spoil thru 143.50 as it rebounded strongly from the aid degree (low has been 143.50). The risky charge movements have resulted in a combined outlook. USD may want to proceed to change in a uneven manner, probably between 143.80 and 144.90.”
Next 1-3 weeks: “We stated the day prior to this (05 Oct, spot at 143.90), momentary downward momentum is constructing and we predicted USD to change with a downward bias closer to 143.00. USD in consequence dropped to 143.50 earlier than rebounding strongly to a excessive of 144.84. While our ‘strong resistance’ stage at 144.90 is now not breached, the odds of USD heading decrease to 143.00 have diminished.”
