USD/JPY faces some near-term consolidation – UOB – by pabspiovano USDJPY Currencies Majors Banks
could now move into some consolidative phase prior to a potential advance to 135.50, suggest Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: “Last Friday, we highlighted that ‘the bias for USD remains on the upside’ but we were of the view that ‘any advance is unlikely to break the major resistance at 135.00 today’. Our view for USD to strengthen was correct even though it rose above 135.00 before pulling back sharply.
Next 1-3 weeks: “We turned positive USD last Wednesday , we indicated that ‘upward momentum has improved further and USD is likely to continue to advance’. We noted, ‘The next level to watch is at 135.00, followed by 135.50’. Our target level of 135.00 was met as USD rose to a high of 135.04 on Friday. From here, overbought short -term conditions could lead to a couple of days of consolidation. As long as 133.
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