Set to recover further to 145.50 – UOB Group

The strong advance reinforces the view that the US dollar (USD) could recover further to 145.50, note UOB Group FX strategists Quek Ser Leang and Peter Chia.

USD/JPY may go as high as 145.50

24 HOURS: “We expected the USD to trade between 143.00 and 144.20 yesterday. Later, the USD traded in a wider range of 143.11/144.68, closing at 143.21 (-0.27%). The price action still appears to be part of a range trading stage, even though it is likely to trade in a lower range of 142.30/144.10 today.”

WEEKS 1-3: “Our update from two days ago (September 23rd, spot at 144.20) remains valid. As pointed out, the USD’s strong advance last week reinforces our view that the USD could further recover to 145.50. Our view will be invalidated if the USD falls below 141.90 (no change to the ‘strong support’ level).”