USD/JPY: Likely to Test 161.00

Analysts at UOB Group say USD/JPY could test 161.00 before retreating. Resistance levels are at 161.00 and 161.50, but 161.50 is unlikely to be reached. However, strong momentum suggests further strength.

Resistance levels are at 161.00 and 161.50

24-hour view: “We expected USD/JPY to move sideways yesterday. However, the pair surged to a high of 160.86 and closed at its highest level since 1986. It is not surprising that the market is overbought after such a large rally in a short period of time. However, the current uptrend has not shown any signs of flattening out. Today, the pair may first test 161.00 before retreating, but 161.50 is unlikely to be reached. On the downside, important support is at 160.00, while minor support is at 160.30.”

Next 1-3 weeks: “We have been bullish on USD/JPY since the beginning of last week. Since three days ago (June 24), we have been bullish on the pair. Since we said that USD/JPY ‘could rise above 160.00, it is worth pointing out that another resistance level is at 160.25.’ Yesterday the pair took off, not only breaking through 160.00 and 160.25, but also soaring to 160.85. Although heavily overbought, the strong momentum suggests that the pair can move higher. Resistance levels are at 161.00 and 161.50. On the downside, the ‘strong support’ level moves up from 158.80 to 159.40.”

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