Constructive bias could prompt USD/JPY to challenge yearly high around 136.70according to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang.
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24 hour view: “Although we expected USD/JPY to strengthen yesterday, we are of the opinion that ‘it is unlikely to break the strong resistance at 136.00’. The anticipated advance exceeded our expectations, as USD/JPY shot up to 136.38. From here, Further USD/JPY advance is not ruled out, but given the overbought conditions, a sustained rally above major resistance at 136.50 is unlikely. Support is at 135.75, followed by 135.45.”
Next 1-3 weeks: “Yesterday (June 28, USD/JPY at 135.50), we highlighted that the bearish pressure has dissipated and we expected USD/JPY to trade within a range of 134.00/136.50. We did not expect how quickly the USD /JPY is nearing the top of the expected range at 136.50 (high 136.38) Short-term bullish momentum has improved but while a break of 136.50 would not be surprising, the yearly high at 136.70 may not be easy to break. Overall, USD/JPY is likely to trade strongly from now on, as long as it doesn’t move below the ‘strong support’ of 135.20 these days.”
Source: Fx Street
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