USD/JPY keeps targeting the 134.80 region – UOB – by pabspiovano USDJPY Banks Currencies Majors
According to Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group, the upside momentum in24-hour view: “While we expected USD to strengthen further yesterday, we indicated that ‘in view of the overbought conditions, the major resistance level at 134.80 could be out of reach today’. USD strengthened in line with our expectations and it did not reach 134.80 . Despite the advance, upward momentum appears to be fading and USD is unlikely to rise much further.
Next 1-3 weeks: “Our view from yesterday still stands. As highlighted, while it is too early to expect the start of a sustained advance in USD, it is likely to trade with an upward bias to 134.80. Looking ahead, it has to break clearly above this level before further gains can be expected. The next resistance above 134.80 is at 135.50. Overall, only a breach of 133.00 would suggest that the upward bias has eased.
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