In light of the recent rises, USD/JPY could now challenge 1998 high at 147.65comment Quek Ser Leang, Market Strategist at UOB Group, and Peter Chia, Senior Currency Strategist.
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24 hour view: “Not surprisingly, the strong recovery in USD/JPY is in overbought territory. However, the bullish momentum shows no sign of letting up yet and USD/JPY could break above 147.00. at 147.65, be challenged. Support is at 146.40, followed by 146.10″.
Next 1-3 weeks: “USD/JPY’s strong rally over the past week has room to extend. The level to focus on is the 1998 high near 147.65. To the downside, a break of 145.40 would indicate that upward pressure has diminished.”
Source: Fx Street
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