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USD/JPY could extend rally to 122.00 – UOB

Currency strategists at UOB Group believe that the USD/JPY could extend the advance and visit the 122.00 region In the next weeks.

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24 hour view: “Yesterday we highlighted that ‘further strength in USD/JPY is not ruled out, but given deeply overbought conditions, a sustained rise above major resistance at 121.50 is unlikely’. USD/JPY subsequently rose to 121.40 before pulling back.Conditions remain overbought and momentum to the upside is showing possible signs of easing and USD/JPY is unlikely to go much further.For today, USD/JPY is more likely to move sideways between 120.70 and 121.50.”

Next 1-3 weeks: “Not much to add to our update from yesterday (March 23, USD/JPY at 121.05). As we note, while it remains to be seen whether USD/JPY can sustain the current frantic pace of advance, the risk is clearly to further USD/JPY strength Next resistance level to watch is 121.50, followed by 122.00 On the downside, a break of 120.00 (‘strong support’ was at 119.60 yesterday) would indicate upside pressure ahead started two weeks ago has ended.

Source: Fx Street

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