The USD/JPY is now facing the next upside barrier at 129.30say UOB Group currency strategists Quek Ser Leang and Peter Chia.
Key comments
24 hour view: “Yesterday we highlighted that ‘solid bullish momentum suggests USD/JPY could rally above 128.30’. We added that ‘next resistance at 128.60 is likely out of reach for now’. Expected USD/JPY strength exceeded our expectations , as USD/JPY hit a high of 128.88. Bullish momentum remains strong and USD/JPY could extend its advance to 129.30 (minor resistance is at 129.05). Support is at 128.50, followed by 128.30.”
Next 1-3 weeks: “Yesterday (May 31, USD/JPY at 128.00), we highlighted that the recent phase of weakness is over and held the view that the USD/JPY rebound could extend to 128.60. Our view turned out to be correct, although not we expected USD/JPY to move quickly above 128.60 (USD/JPY rose to a high of 128.88) Price action suggests further USD/JPY strength would not be surprising Next resistance is at 129.30 ,, followed by 129.80. Overall, only a break of 128.00 (‘strong support’ level was 127.20 yesterday) would indicate that the rapidly building momentum has faded.”
Source: Fx Street
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