USD/JPY: Further upside should meet resistance around 136.80 – UOB – by pabspiovano USDJPY Currencies Majors Banks
In the opinion of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, extra gains in24-hour view: “Yesterday, we expected USD to trade sideways in a range of 135.60/136.35. In NY trade, USD dropped to 135.67 and then rebounded quickly to 136.68 before closing at 136.37 . While USD could rise further, there is no clear improvement in upward momentum, and any advance is likely part of a higher range of 135.80/136.80. In other words, USD is unlikely to break clearly above 136.
Next 1-3 weeks: “There is no change in our view from Monday . As highlighted, while the risk in USD has shifted to the upside, it is worth noting that there is a solid resistance near 136.80 ahead of the early May high near 137.80. Overall, only a breach of 135.30 would suggest USD is not ready to head higher towards 136.80.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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