In light of the current price action, USD/JPY could attempt a move to the key 140.00 region in the coming weekscomment Economist Lee Sue Ann and Market Strategist Que Ser Leang at UOB Group.
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24 hour view: “We did not anticipate USD/JPY to rally to a high of 139.47 yesterday (we expected it to be range bound). Although there is no significant momentum picking up, USD/JPY could break above major resistance at 139.60. The next Resistance at 140.00 could be out of reach today. Support is at 139.00, followed by 138.65″.
Next 1-3 weeks: “Two days ago (May 23, USD/JPY at 138.55), we highlighted that short-term bullish momentum appears to be building again and the odds of USD/JPY clearly breaking above 139.00 have increased. We added: “next level to focus on is 139.60” Yesterday (May 24, USD/JPY at 138.55), USD/JPY broke above 139.00 and rallied as high as 139.47 We continue to expect USD/JPY to strengthen, though probably at a slower pace Resistance levels lie at 139.60 and 140.00 On the downside, a break of 138.10 (previously “strong support” level at 137.55) would indicate USD/JPY strength initiated earlier in the week “The past is over. Going forward, if USD/JPY breaks above 140.00, the focus will be on 140.50.”
Source: Fx Street
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