The US dollar (USD) probably trades in a range of 146.50/148.60 against Japanese Yen (JPY). In the long term, there is likely that there is a greater strength of the USD, but first it could trade in a range for a few days; The level to be monitored is 149.30, the FX analysts of UOB Group, to be Leang and Peter Chia point.
A greater strength of the USD is likely
24 -hour vision: “The USD shot yesterday, closing in 148.45, an increase of 2.14%, its highest gain in a single day since March 2020. The excessive increase seems excessive. This, combined with deep overcompra conditions, suggests that instead of continuing to rise, the USD is more likely to be traded in a range of 146.50/148.60.”
Vision 1-3 weeks: “We highlight the following last Friday, May 9, when the USD was at 145.70: ‘The strong rebound has gained impulse, but the USD must break and stay above 146.55 before an additional sustained increase is likely. Looking forward, above 146.55, there is another strong resistance in 147.10. ‘Strong support’, currently in 143.90. ‘ Yesterday, the USD took off and shot, reaching a maximum of 148.64.
Source: Fx Street
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