USD/JPY: Upside could extend to 139.00 – UOB – by pabspiovano USDJPY Currencies Majors Banks
to the 139.00 region in the next few weeks, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “While we expected USD to rise further yesterday, we held the view that ‘a clear break above 136.80 is unlikely’. We did not anticipate the sharp rally as USD surged to a high of 137.71. Today, USD could break above the month-to-date high near 137.
Next 1-3 weeks: “Three days ago on Monday , we indicated that the risk for USD ‘has shifted to the upside’. We noted, there is solid resistance at 136.80 ahead of the early May high near 137.80. USD rose for the past few days and yesterday , it soared to a high of 137.71. While 137.80 remains solid resistance, a break of this level is not ruled out and would shift the focus to 139.00. In view of the severely overbought conditions, we expect the pace of any further advance to be slower.
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