The pair USD/JPY could attempt a visit to the 119.10 level once it breaks above the 118.65 levelaccording to currency strategists at UOB Group.
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24 hour view: “Although we expected USD/JPY to ‘go higher’ yesterday, we are of the opinion that ‘overbought conditions suggest 118.00 is probably out of reach for now’. We underestimated the upside momentum as USD/JPY spiked to 118.21 before extend its advance after the NY close.Conditions remain deeply overbought and while further USD/JPY strength is not ruled out, the chance of a break of major resistance at 118.65 is not high for today.On the downside, A break of 117.75 would indicate that the strong rally is ready to take a breather.”
Next 1-3 weeks: “We have expected higher USD/JPY since the end of last week. In our latest narrative from yesterday (March 14, USD/JPY at 117.50), we noted that momentum suggests further USD/JPY strength. We added, ‘ the next resistance level to watch is 118.00 followed by the 2017 high near 118.65’ Our view was not wrong as USD/JPY rose to 118.21 during the New York session before extending its gain. USD/JPY’s current strength could continue for a while and only a break of 117.30 (‘strong support’ level was at 116.40 yesterday) would indicate that the current strong bullish pressure has eased. 118.65 would change the target to 119.10”.
Source: Fx Street
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