Further bullish momentum could lift USD/JPY to the 140.00 zone in the coming weeks, say 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 138.00 is unlikely.’ , the rapid rally shows no signs of weakening yet. In other words, USD/JPY could continue to advance to 139.50. Major resistance at 140.00 is unlikely to come into the picture for now. Support is at 138.60, followed by 138.30” .
Next 1-3 weeks: “We turned positive on USD/JPY 3 days ago (July 12, USD/JPY at 137.20) and indicated that USD/JPY could continue to advance to 138.00, max 138.50. Although our view of a USD/JPY higher was not wrong, we did not expect how quickly it broke above 138.00 and 138.50 yesterday and spiked to a high of 139.39.The momentum to the upside suggests that USD/JPY is likely to continue to strengthen.The next levels at which there are What to focus on is 139.50 and the round level at 140.00. To the downside, a break of 137.50 (‘strong support’ level was yesterday at 136.30) would indicate that the current strong bullish pressure has eased.”
Source: Fx Street
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