USD/JPY uptrend remains firmly in place and could extend into the 133.50/134.00 area In the next weeks.
Key comments
24 hour view: “Yesterday we highlighted that ‘further USD/JPY strength would not be surprising and that next resistance is found at 132.60 followed by 133.00’. We added that ‘this last level is probably out of reach for today’. Our view was not wrong, though USD/JPY came close to breaking above 133.00 (high was 132.99) Although deeply overbought, there is room for USD/JPY rally to extend to 133.50 Next resistance at 134.00 is probably out of reach for now Support is at 132.40, followed by 132.10”.
Next 1-3 weeks: “We expect USD/JPY to strengthen from early last week. When USD/JPY rallied, in our latest account yesterday (June 7, USD/JPY at 132.10), we highlighted that the strong upside momentum suggests USD/JPY could continue to strengthen towards 133.00 USD/JPY subsequently peaked at 132.99 Momentum remains strong and USD/JPY could continue to rise to 133.50 and possibly 134.00 To the downside a break of 131.40 (‘strong support’ level was 130.80 yesterday) would indicate that the USD/JPY strength is over. In the shorter term, 132.10 is already quite solid support.”
Source: Fx Street
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