The recovery of USD/JPY could extend to the 137.50 zone in the coming weeks, according to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang.
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24 hour view: “Our expectations that ‘USD/JPY overbought rally will extend’ failed to materialize as it traded between 135.67 and 136.71. The move is seen as part of a consolidation and we expect USD/JPY to move sideways today , probably within a range of 135.50/136.60”.
Next 1-3 weeks: “No change in our view from yesterday (June 22, USD/JPY at 136.30). As we have highlighted, USD/JPY could continue to rise to 137.00 and to 137.50. That said, short-term overbought conditions could lead to a couple of days of consolidation first Overall only a break of 135.00 (no change from yesterday’s ‘strong support’ level) would indicate that the upside risk started earlier this week has come to an end .”
Source: Fx Street
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