In light of recent price action, the USD/JPY now I might be ready to move further and visit zone 116.65 in the next few weeksas suggested by currency strategists from UOB Group.
24 hour outlook: “USD’s sudden and rapid surge to 116.33 and subsequent rapid retracement came as a surprise (we were expecting a sideways trade). Despite the swift retracement from the top, the underlying tone still appears to be a bit firm. That said, a sustained rally above major resistance at 116.35 is unlikely (next resistance is at 116.60). he ssupport is at 115.90 followed by 115.70.”
Next 1-3 weeks: “Yesterday (Feb 10, pair at 115.45), we highlighted that while the upside momentum had improved somewhat, the USD needed to break 115.80 before a sustained advance could be expected. We added that, looking ahead, the next resistance above 115.80 was at 116.10 followed by 116.35 we did not expect the pair to rally to a high of 116.33 to the upside momentum has improved further and A clear break of 116.35 is likely to lead to a further USD advance to 116.65. On the downside, a break of 115.40 (‘strong support’ level was at 115.00) would indicate that the current upside pressure has eased.”
Source: Fx Street
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