The UOB Group Currency Strategists maintain the bullish view on the USD / JPY, with the next target at the level of 110.95 In the next weeks.
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24 hour view: “Although we expected USD / JPY to strengthen yesterday, we were of the opinion that ‘any advance is still unlikely to challenge the large resistance at 110.35’. In other words, we were not expecting the sharp rise in USD / JPY that sent it a high. above 110.71. The overbought move in USD / JPY has room to extend, but is unlikely to be able to sustain above the yearly high near 110.95. On the downside, a breakout of 110.25 (minor support is at 110 ., 45) would indicate that the current upward pressure has eased. “
Next 1-3 weeks: “Two days ago (June 15, US / JPY at 11.05), we noted that ‘risk is starting to turn to the upside, but US / JPY has to close above the major resistance at 110.35 before it can be expected. a steady advance. ‘We add that “‘ the next resistance is at 110.60 followed by 110.95 ‘. While our view on an upside risk is not wrong, we did not expect the rapid pace of the advance as USD / JPY spiked to a high of 110.71. The level to focus on now is at the yearly high near 110.95. If USD / JPY can close above this level, there is a good chance that it will move towards 111.25. The risk to the upside remains intact as long as the pair does not move below 110.00 (yesterday, ‘strong support level’ at 109.60).
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