Further buying interest could lift USD/JPY above the 139.00 region in the coming weeksaccording to UOB Group Economist Lee Sue Ann and Market Strategist Quek Ser Leang.
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24 hour view: “We indicated yesterday that USD/JPY could continue to rally, but “it remains to be seen if it has enough momentum to clearly break above 139.00 today.” Our view was not wrong as USD/JPY briefly rallied as high as 138.90 and then pulled back to close little changed at 138.58 (0.01%). This price action is likely part of a consolidation phase and today we expect USD/JPY to trade between 138.00 and 138.90.”
Next 1-3 weeks: “Our update from yesterday (May 23, USD/JPY at 138.00.) still stands. As highlighted, short-term bullish momentum appears to be building again and the odds for USD/JPY to clearly break above 139.00 has risen.The next level to focus on is 139.60.To the downside, a break of 137.55 (previously “strong support” at 137.30) would indicate that the USD/JPY strength started early last week is over. “
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
