Continuation of the bullish bias in USD/JPY could challenge the 139.50 region once 139.00 is brokensay currency strategists from UOB Group, Quek Ser Leang, and Lee Sue Ann.
24 hour outlook: “Yesterday we indicated that the strong bullish momentum suggested a further advance, but a break of 139.00 was unlikely. Our view turned out to be correct as the dollar rose as high as 139.00 before easing off. The upside pressure has subsided and this along with overbought conditions, suggests that USD is likely to consolidate today, probably within a range of 138.15/139.00“.
Next 1-3 weeks: “Yesterday (Aug 29, pair at 138.30), we highlighted that rapidly rising momentum was likely to lead to a rally to 139.00. The dollar subsequently rose as high as 139.00 before easing to end the day on a firm note at 138.69 (+ 0.85%).A greater strength of the dollar is not ruled out, although the 139.00 level is a tough resistance and can be difficult to break. Looking to the future a break of 139.00 would shift the focus to 139.50. To the downside, a break of 137.40 (‘strong support’ level was 137.25 yesterday) would indicate that the USD is unlikely to go further.”
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
