It looks like the USD/JPY will continue to fall below the 129.60 level.comment economist Lee Sue Ann and market strategist Quek Ser Leang from UOB Group.
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24 hour view: “We highlighted last Friday that ‘USD/JPY could break 130.15’, but we believe that ‘next support at 129.80 is unlikely to be threatened.’ USD/JPY expected weakness exceeded our expectations as that the pair fell as low as 129.67 and then rebounded strongly to end the day little changed at 130.69 (-0.09%).The strong bounce in oversold conditions suggests that downside risk has faded.Today, the pair is likely to USD/JPY to consolidate and is expected to be in a 130.20/131.40 range.”
Next 1-3 weeks: “Last Friday (March 24, USD/JPY at 130.65), we stated that “there is room for further weakness in USD/JPY, although there are a couple of fairly strong support levels at 130.15 and 129.80”. We did not expect the fall sharp but short-lived that came as USD/JPY fell as low as 129.67 before bouncing sharply.Further USD/JPY weakness is not ruled out, but the pair has to break below 129.60 before further weakness is likely The probability of USD/JPY clearly breaking below 129.60 will remain intact as long as it does not move above 132.00 (“strong resistance” level was previously at 132.50).”
Source: Fx Street
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