USD/JPY rally seems non-stop and could visit 129.50/130.00 region in the short term, according to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang.
Key comments
24 hour view: “While we expected USD/JPY to strengthen yesterday, it was our view that ‘the 127.80 level is out of reach’. In other words, we estimate USD/JPY strength as it jumped 1.52% ( New York close at 128.90) USD/JPY extended its advance after the NY close and further strength for the pair is not ruled out Only a break of 128.30 (minor support at 128.60) would indicate that the current strong bullish pressure has relieved. Looking to the upside, resistance is found at 129.50 followed by the main level at 130.00”.
Next 1-3 weeks: “We noted yesterday (April 19, USD/JPY at 127.10) that ‘more USD/JPY strength seems likely and the next levels to watch are at 127.50 and 128.00.’ USD/JPY broke both levels at 127.50 and 128.00 and surged to 128.97 USD/JPY extended its advance during early Asian hours and there is no end to the current relentless rally Next resistance levels are 129.50 and 130.00 In Overall, only a break below the 127.70 level (‘strong support’ was at 126.10 yesterday) would indicate that the current USD/JPY rally is ready to take a breather.”
Source: Fx Street
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