USD/JPY is now seen trading in the range of 134.75-137.00 in the coming weeks, say UOB Group currency strategists Quek Ser Leang and Peter Chia.
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24 hour view: “USD/JPY moved between 134.77 and 135.77 before closing at 135.69 (+0.37%). USD/JPY traded with a firm tone at the open and the bullish momentum is starting to consolidate. From here, USD /JPY could rally to 136.50. Major resistance at 137.00 unlikely to be challenged. Support is at 135.60 followed by 135.25”.
Next 1-3 weeks: “Last Friday (July 1, USD/JPY at 135.90), we stated that ‘fading bullish momentum suggests the odds of USD/JPY reaching 137.50 have diminished.’ Subsequently, USD/JPY fell and took out our ‘strong support’ level at 135.50 (low 134.74).Despite the strong bounce from 134.74, the upside momentum has not improved much.The current move looks to be part of a broad consolidation phase and it is likely that the USD/JPY trades between 134.75 and 137.00 for now. Looking ahead, USD/JPY clearly needs to break above 137.00 before a sustained rally is likely.”
Source: Fx Street
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