USD/JPY: Bulls may try to reach 148.30 – UOB Group

The US Dollar (USD) is expected to trade in a range, probably between 146.50 and 148.00. Downward momentum is beginning to wane; a breach of 148.30 would mean the weakness in USD has stabilised.

A sustained move towards 148.30 is possible

24-HOUR VIEW: “Yesterday, we expected USD to trade in a range between 146.30 and 147.70. Although USD subsequently traded in a higher range of 146.69/148.22, it closed largely unchanged at 147.19 (-0.06%). There has been no clear increase in either upward or downward momentum. Today, we continue to expect USD to trade in a range, probably between 146.50 and 148.00.”

1-3 WEEKS VIEW: “Our update from yesterday (12 Aug, spot at 146.90) remains valid. As highlighted, downward momentum is beginning to wane, and a breach of 148.30 (no change in ‘strong resistance’ level) would mean that the weakness in USD has stabilised.”