According to Lee Sue Ann and Quek Ser Leang, currency strategists at UOB Group, Expectations for a break of the 127.50 level in USD/JPY appear to be losing steam for now.
Key comments
24 hour view: “USD/JPY moved sideways between 128.68 and 129.63 yesterday, before closing largely unchanged (129.16, -0.02%). Price action is likely part of a consolidation and USD/JPY could continue to move sideways. Expected range for today, 128.70/129.65”.
Next 1-3 weeks: “Our last story was last Thursday (May 12, USD/JPY at 128.80) that USD/JPY is likely to trade above 127.50 for a couple of days before pulling back deeper USD/JPY has traded mostly sideways in the last two days.The downside pressure is easing and the chance for USD/JPY to move below 127.50 has diminished.That being said, just a break of 129.90 would indicate that downside risk has dissipated.
Source: Fx Street
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