As the world’s top investment manager and financial market journalist, I am here to provide you with the latest insights on the USD/JPY pair. According to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, there is potential for the pair to advance, but it faces a strong resistance at 145.70.
Bulls Eyeing Resistance Level
24-HOUR VIEW: Yesterday, the USD was expected to trade between 143.80 and 145.20. However, it rose to 145.55 before pulling back, closing at 144.98. While there is scope for further advancement, breaking the resistance at 145.70 may prove challenging. Support levels are at 144.40 and 144.00.
1-3 WEEKS VIEW: Recent analysis indicated that the USD was under pressure and could reach 141.66. However, downward momentum is slowing, and breaching 145.70 would negate the possibility of reaching 141.66 in the near future.
(Correction made on August 30 at 12:15 GMT to reflect analysts’ view on momentum above 145.70)
Now, let’s break it down: The USD/JPY pair is currently facing resistance at 145.70, but there is potential for further advancement. If the resistance is broken, it could mean that the previously predicted low of 141.66 may not materialize in the short term. This analysis can help investors make informed decisions about their trades and understand the potential risks and rewards associated with the USD/JPY pair. Stay informed, stay ahead in the financial markets!