According to UOB Group forex strategists Lee Sue Ann and Quek Ser Leang, USD/JPY is now seen in the range of 131.30-135.60 In the next weeks.
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24 hour view: “Yesterday we highlighted that ‘Further USD/JPY weakness would not be surprising, but it remains to be seen if 130.00 would enter the picture today’. USD/JPY subsequently fell as low as 130.39 before staging a dramatic reversal to hit 133.18. The USD/JPY extended its advance during early Asian hours and could move higher Given the overbought conditions, resistance at 134.60 is unlikely to be threatened (there is another resistance at 134.00).Support is at 133.00, followed by 132.40”.
Next 1 to 3 weeks: “The USD/JPY weakness that began late last week came to a sudden end as it broke above our ‘strong resistance’ level at 132.90 yesterday. The current price action is likely the first stage of a broad consolidation phase and USD/JPY is expected to trade between 131.30 and 135.60 for now.”
Source: Fx Street
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