Usdjpy To To Move Higher Uob

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Usdjpy To To Move Higher Uob

Usd/Jpy To To Move Towards 151.00

USD/JPY is trading in a tight range between 149.00 - 149.95. According to the UOB Group, the momentum in USD/JPY has increased that much much. As for any further strength in the US Dollar, UOB Group believes that it seems likely.

The next important levels to watch for the USD/JPY are 150.05 and then the 151.00 handle. UOB Group's analyst added that both of these are important resistance levels that could stop the US Dollar's advance.

Usd/Jpy Stuck In A Tight Range

Looking back, the analysts forecasted that the US dollar would edge higher. They believed that the mild momentum would limit the USD/JPY to around 149.70 while the 150.05 would stay out of the picture.

It seems that the forecast of the UOB Group was not wrong but the advance in the US Dollar was a lot more than they initially thought. The USD/JPY actually touched 149.98 but since them, no major momentum shift is seen.

Looking ahead, the US Dollar is highly likely to stay in a range against the JPY instead of moving higher. The lower limit of the range is around 149.00, while the upper range is around 149.95.

In the next 1 to 3 weeks, the US Dollar will stay strong against its peers. In fact, the next resistance levels at 150.05 and then 151.00 will also come into the picture.

As long as the 148.40 support is not breached, the chances of a move higher remain strong. But if the 148.40 fails, the next level to watch will be 148.00, which is also a strong support.

However, the chances of touching 150.05 are a lot higher than moving lower toward 148.00. The 151.00 is also a strong resistance but the chances of reaching that level are not that high.

Right now, the JPY is not in a strong position as the demand for safe-haven assets is just not there... But that could change with the upcoming rate cuts in the USA and Europe.

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