The US Dollar (USD) has potential to test the major resistance at 144.00. In the longer run, upward momentum is building; if USD can break above 144.00, it could trigger a stronger recovery towards 145.50, UOB Group FX analysts Quek Ser Leang and Victor Yong note.

USD/JPY can test 144.00 near term

24-HOUR VIEW: “Yesterday, we held the view that ‘as long as USD remains above 140.90, it could test 142.80 before leveling off.’ The subsequent price action did not turn out as we expected, as USD plummeted briefly to 140.43 in NY trade and then surged to close largely unchanged at 142.27 (-0.09%). USD continues to advance in early Asian trade today and could potentially test the major resistance at 144.00. On the downside, support can be found at 141.70 (minor support is at 142.40).”