According to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang, further bullish momentum could take USD/JPY to the 137.50 region short term.
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24 hour view: “Yesterday we highlighted that ‘further USD/JPY advance is not ruled out, but given overbought conditions, a sustained rally above major resistance at 136.50 is unlikely’. Although USD/JPY advanced as expected, soared to a high of 136.99 before pulling back Conditions remain overbought and while USD/JPY could rally above 137.00, it is unlikely to be able to sustain above this level (next resistance is at 137.50). Support is at 136.40, followed by 136.15”.
Next 1-3 weeks: “Yesterday (June 30, USD/JPY at 136.05), we turned positive on USD/JPY, but we are of the opinion that the yearly high at 136.70 may not be easy to break. However, USD/JPY broke above 136.70 and peaked at 136.99 before easing Outlook remains positive and USD/JPY could advance to 137.50 Overall only a break of 135.50 (‘strong support’ level was 135.20 yesterday) would indicate upward pressure current has yielded”.
Source: Fx Street
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