The continuation of the recovery could motivate USD/JPY to challenge the 143.00 region in the coming weekssuggest Lee Sue Ann, Economist at UOB Group and Quek Ser Leang, Market Strategist.
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24 hour view: Yesterday we highlighted that “a stronger USD/JPY is not ruled out”. However, USD/JPY did not strengthen further. Instead, it traded in a range of 140.73/141.81 before closing slightly lower at 141.44 (-0.25%). USD/JPY has likely entered a consolidation phase. Today, we expect USD/JPY to trade between 140.70 and 141.90.
Next 1-3 weeks: Yesterday (July 24, USD/JPY at 141.70), we highlighted that “rapidly increasing momentum is likely to push USD/JPY higher to 143.00”. We continue to hold the same opinion. However, overbought conditions could lead to a couple of days of consolidation first. To the downside, if USD/JPY breaks below 140.00 (no change at the “strong support” level), it would mean that 143.00 is nowhere in sight.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
