- Analytics
- News and Tools
- Market News
- USD/JPY faces extra gains above 136.00 – UOB
USD/JPY faces extra gains above 136.00 – UOB
The bullish bias in USD/JPY remains well in place and faces further advance once 136.00 is cleared, according to FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.
Key Quotes
24-hour view: “We expected USD to ‘trade in a choppy manner between 131.80 and 133.80’ last Friday. We did not expect the outsized surge as USD jumped to a high of 135.42. The rapid rise has scope to extend but deeply overbought conditions suggest that a sustained rise above 135.60 is unlikely (next resistance is at 136.00). On the downside, a breach of 134.00 (minor support is at 134.40) would indicate that the current upward pressure has eased.”
Next 1-3 weeks: “After USD plummeted to 131.48, we highlighted last Friday (17 Jun, spot at 132.60) that ‘the rapid improvement in downward momentum suggests the decline could extend to 130.50’. We did not anticipate the outsized jump as USD rallied by 2.09% (NY close of 134.96). The break of our ‘strong resistance’ at 134.80 has invalidated our view. The risk appears to be shifting back to the upside but USD has to close above 136.00 before further sustained advance is likely. The chance for USD to close above 136.00 would remain intact as long as it does not move below 133.50 (‘strong support’) level within these few days.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
