USD/JPY: A test of 138.00 appears on the cards – UOB
|In the opinion of FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, USD/JPY looks poised to extend the uptrend beyond 138.00 sooner rather than later.
Key Quotes
24-hour view: “The strong surge in USD to a high of 137.75 yesterday appears to be overdone and USD is unlikely advance much further. For today, USD is more likely to trade sideways between 136.60 and 137.80.”
Next 1-3 weeks: “We turned neutral in USD last Tuesday (05 Jul, spot at 135.95) and we expected USD to trade between 134.75 and 137.00. After trading within the expected range for a few days, USD jumped to a high of 137.75 yesterday (11 Jul). The price actions have shifted the risk to the upside and USD could advance further to 138.00, as high as 138.50. The upside risk is intact as long as USD does not move below 136.00 (‘strong support’ level) within these few days.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.