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USD/JPY still targets the 150.00 mark near term – UOB

October 18, 2022| Forex Market

Despite the current overbought conditions in USD/JPY, a test of the 150.00 still remains on the cards, note UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia.

Key Quotes

24-hour view: “Yesterday, we held the view that ‘overbought advance in USD could extend above 149.00 but major resistance at 150.00 is unlikely to come into view’. USD subsequently rose to a high of 149.08. While upward momentum has improved, the advance in USD has moved deeper into overbought territory. However, as long at 147.75 is not breached (minor support is at 148.30), USD could continue to rise. That said, the major resistance at 150.00 is still unlikely to come into view (minor resistance is at 149.50).”

Next 1-3 weeks: “There is not much to add to our update from yesterday (17 Oct, spot at 148.50). As highlighted, conditions are deeply overbought but further USD strength to 150.00 is not ruled out. Overall, only a breach of 147.20 (‘strong support’ level was at 146.60 yesterday) would indicate that USD is unlikely to strengthen further.”

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