Further gains in USD/JPY need to break above the 136.00 level in the short term, according to currency strategists at the UOB Group Lee Sue Ann and Quek Ser Leang.
Key comments
24 hour view: “Our view that ‘the rapid rise in USD/JPY will extend’ failed to materialize as it retraced to 134.52 before bouncing back to end the day little changed at 135.08 (+0.09%). Price action appears to be part of consolidation phase and USD/JPY is likely to move sideways today, expected to be in a range of 134.60/135.50.”
Next 1-3 weeks: “No change in our view from yesterday (June 20, USD/JPY at 135.20). As we have highlighted, the risk seems to be back to the upside, but USD/JPY has to close above 136.00 before a sustained advance is likely. The possibility of USD/JPY closing above 136.00 would remain intact as long as it does not move below 133.90 (‘strong support’ was 133.50 yesterday) within a few days.”
Source: Fx Street
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