UOB Group currency strategists Lee Sue Ann and Quek Ser Leang comment that USD/JPY could continue to rise to the 138.00 zone and beyond in the short term.
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24 hour view: “We expected USD/JPY to ‘trade between 136.50 and 137.50’ yesterday. Our expectations were wrong as USD/JPY soared to a fresh high of 137.86 before closing on a firm tone at 137.42 (+0.41%). Despite the advance, the bullish momentum hasn’t improved much.That being said, USD/JPY could rally but is unlikely to hold above 1.38.00 today (next resistance is at 138.50).Support is at 137.30 and then at 137.00″.
Next 1-3 weeks: “No change in our view from two days ago (July 12, USD/JPY at 137.20). As highlighted, the risk to USD/JPY has shifted to the upside and USD/JPY could move lower. 138.00 and up to 138.50. All in all, only a break of 136.30 (no change from yesterday’s ‘strong support’ level) would invalidate our view of a higher USD/JPY.”
Source: Fx Street
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