The bullish bias in USD/JPY appears to be muted and it is now expected to move into the 134.50-137.10 range. for now, suggest Lee Sue Ann, UOB Group Economist and Quek Ser Leang, Market Strategist.
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24 hour view: “We were expecting a rally last Friday. Our view was wrong as USD/JPY bottomed at 135.73. Bearish momentum has improved, though not much. Today, USD/JPY could drop, but a sustained decline is unlikely below 135.50.To the upside, a break of 136.45 would suggest that the current slight bearish pressure is over.”
Next 1-3 weeks: “Last Friday (March 3, USD/JPY at 136.65), we indicated that although the outlook for USD/JPY remains positive, the main resistance at 137.90 could be out of reach this time around. We highlight that a break of 135.50 would indicate that USD/JPY will not continue to strengthen. The pair fell to a low of 135.73 during the American session. While our “strong support” at 135.50 has not been broken, the bullish momentum has faded. In other words, the The USD/JPY strength of mid-last month is over. USD/JPY appears to have entered a consolidation phase and is likely to trade within a 134.50/137.10 range for now.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
