The probability of USD/JPY moving back to the 133.00 zone does not look favorable for the moment, according to the Economist Lee Sue Ann and the Market Strategist Quek Ser Leang of UOB Group.
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24 hour view: “Yesterday we saw “price moves appear to be consolidating” and expected USD/JPY to “trade sideways in a 134.55/135.55 range.” USD/JPY traded sideways as expected albeit in a tighter range of 134.71 /135.35. USD/JPY looks likely to continue trading sideways between 134.70 and 135.55.”
Next 1-3 weeks: “Our update from yesterday (May 9, USD/JPY at 135.10) still stands. As we noted, after plunging as low as 133.49 last Friday, USD/JPY has been unable to move lower further. The odds of USD/JPY further weakening to 133.00 have decreased. However, only a break of 135.85 (no change from yesterday’s “strong resistance” level) would suggest that USD/JPY weakness has stabilized.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
