USD/JPY: Outlook remains positive and could retest 137.50 – UOB

Pablo Piovano FXStreet

According to FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, further upside momentum could lift USD/JPY to the 137.50 region in the near term.

Key Quotes

24-hour view: “We highlighted yesterday ‘further USD advance is not ruled out but in view of the overbought conditions, a sustained rise above the major resistance at 136.50 is unlikely’. While USD advanced as expected, it soared to a high of 136.99 before pulling back. Conditions remain overbought and while USD could rise above 137.00, it is unlikely able to maintain a foothold above this level (next resistance is at 137.50). Support is 136.40 followed by 136.15.”

Next 1-3 weeks: “Yesterday (30 Jun, spot at 136.05), we turned positive USD but we were of the view that the year-to-date high at 136.70 may not be easy to break. However, USD cracked 136.70 and popped to a high of 136.99 before easing. The outlook is still positive and USD could advance to 137.50. Overall, only a break of 135.50 (‘strong support’ level was at 135.20 yesterday) would indicate that the current upward pressure has eased.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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