- Analytics
- News and Tools
- Market News
- USD/JPY: Further upside could retest 134.20 – UOB
USD/JPY: Further upside could retest 134.20 – UOB
Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group suggest USD/JPY could edge higher and surpass the 134.00 barrier in the near term.
Key Quotes
24-hour view: “Yesterday, we highlighted that ‘The sharp and swift rise has room to extend but deeply overbought conditions suggest a sustained rise above 133.50 is unlikely’. USD subsequently traded in a relatively quiet manner between 132.19 and 132.96. In early Asian trade, USD/JPY rose above 133.00. Today, a break of 133.50 will not be surprising but the major resistance at 134.20 could be just out of reach. Support is at 132.80, followed by 132.40.”
Next 1-3 weeks: “Our update from yesterday (30 Mar, spot at 132.60) still stands. As highlighted, the recent USD weakness has ended. The current rebound in USD could extend to 134.20. At this stage, a sustained rise above this level is unlikely. Overall, the current upside pressure will remain intact as long as USD stays above 131.70 (‘strong support’ level was at 131.20 yesterday).”
© 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
