USD/JPY rally could reach 133.00 region in the short term, currency strategists at the UOB Group Lee Sue Ann and Quek Ser Leang suggest.
Key comments
24 hour view: “While we expected USD/JPY to rally yesterday, we were of the opinion that ‘major resistance at 131.35 is unlikely to come into the picture.’ $132.01 USD/JPY extended its advance during early Asian hours and further dollar strength would not be surprising Next resistance is at 132.60 followed by 133.00 The latter level is probably out of reach for today The support is at 131.75 followed by 131.40”.
Next 1-3 weeks: “Yesterday (June 6, USD/JPY at 130.70), we were of the opinion that further USD strength would not be surprising, but it might be a while before USD/JPY could break above 131.35. shot up and broke above 131.35 before rising to 132.01.The dollar extended its advance during early Asian hours and the solid bullish momentum suggests USD/JPY could continue to strengthen towards 133.00.Overall only a break of 130.80 (the ‘level’ strong support’ was yesterday at 129.45) would indicate that the USD/JPY strength that started early last week has ended.”
Source: Fx Street
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