USD/JPY: Has a small chance of testing 151.30 – UOB Group

US Dollar (USD) could test 151.30 vs Japanese Yen (JPY); it is uncertain if it can break clearly above this level. In the longer run, if USD breaks and holds above 151.30, it could trigger additional gains to 152.30, UOB Group's FX analysts Quek Ser Leang and Peter Chia note. 

Above 151.30, USD/JPY to face additional gains to 152.30

24-HOUR VIEW: "When USD was at 150.50 yesterday, we expected it to 'edge higher.' However, we pointed out that it 'does not appear to have enough momentum to break clearly above 151.00.' The anticipated advance exceeded our expectations, as USD rose above 151.00, reaching a high of 151.15. Today, while USD could test 151.30, upward momentum remains unconvincing, and it is incertain if it can break clearly above this level. The next major resistance at 152.30 is unlikely to come into view. On the downside, support is at 150.70, followed by 150.30." 

1-3 WEEKS VIEW: "Two days ago (26 Mar, spot at 149.90), we highlighted that 'while there is scope for USD to rise further, it may find the 151.00/151.30 resistance zone difficult to break.' Yesterday, USD rose to a high of 151.15. From here, if USD breaks and holds above 151.30, it could trigger additional gains toward 152.30. We will continue to view USD is a positive manner, as long as the ‘strong support’ at 149.50 (level was at 149.00 yesterday) is not breached."