There is room for USD/JPY to move higher and revisit the 115.90 area in the coming weeks, commented currency strategists at the UOB Group.
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24 hour view: “USD/JPY’s rapid rise to 115.68 yesterday was a surprise (we were expecting USD/JPY to consolidate). Upside momentum is relatively strong and USD/JPY could go further. That said, 115.90 is unlikely step in. Support is at 115.35, followed by 115.20.”
Next 1-3 weeks: “Yesterday (March 2, USD/JPY at 115.00), we highlighted that the outlook for USD/JPY still appears neutral and we expected it to move within a range of 114.40/115.60. Subsequently, USD/JPY rose to a 115.68 high.While the momentum to the upside hasn’t improved much, there is room for USD/JPY to rally to 115.90.A sustained advance above this level is unlikely at this point.On the downside, a break 115.00 (‘strong support’ level) would indicate that the current soft upside pressure has eased. Looking ahead, the next resistance above 115.90 is 116.30.”
Source: Fx Street
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