In the opinion of the currency strategists at UOB Group, If USD/JPY breaks the 122.20 level, it could signal the end of the rally.
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24 hour view: “Yesterday we expected ‘USD/JPY rally to extend to 123.30.’ /JPY could move within a relatively wide range of 122.60/124.60.”
Next 1-3 weeks: “Yesterday (March 28, USD/JPY at 122.80), we highlighted that the USD/JPY rally could extend to 123.80. We did not expect the outsized rally that sent USD/JPY to a high of 125.10. Despite the subsequent sharp pullback USD/JPY rally remains intact from high.That said, it remains to be seen if USD/JPY is able to hold a foothold above 125.10.Overall, only a break of 122.20 (the ‘strong support’ was at 121.00 yesterday) would indicate that the USD/JPY rally that started over 2 weeks ago has come to an end.”
Source: Fx Street
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