Seems Increasingly likely that USD/JPY will continue to rise towards the 138.00/138.50 area in the coming weeks, say UOB Group currency strategists Lee Sue Ann and Quek Ser Leang.
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24 hour view: “Yesterday we highlighted that ‘USD/JPY is unlikely to go much further’ and expect USD/JPY ‘to move sideways between 136.60 and 137.80’. Subsequently, USD/JPY traded sideways within a range of 136.60/137.80 Price action appears to be part of a consolidation and USD/JPY is likely to trade between 136.50 and 137.50 today.”
Next 1-3 weeks: “Yesterday (July 12, USD/JPY at 137.20), we indicated that the risk for USD/JPY has shifted to the upside and USD/JPY could move further towards 138.00 and as far as 138.50. No change at the moment in our opinion. However, a break of 136.00 (no change in yesterday’s ‘strong support’ level) would invalidate our view of a higher USD/JPY.”
Source: Fx Street
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