USD/JPY now focuses on 133.35 and 134.75 – UOB – by pabspiovano USDJPY Currencies Majors Banks
to revisit the 133.75 level ahead of 134.75 in the short term, note Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: “USD lifted off last Friday and rocketed to a high of 131.21. USD extended its ascent in Asian trade today. While further USD gains are possible, the major resistance at 133.35 might not come into view today . In order to keep the overbought momentum going, USD should not move below 131.10 .
Next 1-3 weeks: “Our view from last Thursday for USD to weaken to 127.20 was incorrect as it jumped above our ‘strong resistance’ level at 129.90. The outsized advance and the corresponding sharp increase in upward momentum suggest USD could rise further. The levels to watch are at 133.35 and 134.75. In order to keep the strong momentum going, USD must stay above the ‘strong support’ level, currently at 129.80.
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