It is expected that USD/JPY trades within the range of 136.60-139.00 in the coming weeksaccording to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang.
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24 hour view: “Although we expected USD/JPY to strengthen yesterday, we were of the opinion that ‘a sustained rally above 138.60 is unlikely’. USD/JPY subsequently rose to as high as 138.87 before staging a surprise sell-off ( low of 137.28 during the latest NY session.) The rapid decline could continue, but in view of the oversold conditions, the main support at 136.60 is unlikely to be threatened (there is another support at 137.00). breakout of 137.95 (minor resistance is at 137.60) would indicate that USD/JPY is unlikely to weaken further.”
Next 1-3 weeks: “On Wednesday (July 20, USD/JPY at 138.15) we highlight that recent upward pressure has eased and we expect USD/JPY to consolidate and trade between 136.60 and 139.40. USD/JPY rose to a high of 138.87 yesterday (July 21) before falling sharply.The underlying tone has weakened a bit but we continue to expect USD/JPY to consolidate for now, albeit likely within a tighter range of 136.60/139.00.Looking Ahead If USD/JPY clearly breaks below 136.60, it could trigger a deep pullback.”
Source: Fx Street
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