Extra upside might well possibly well see USD/JPY revisit the 134.40 space in the following couple of weeks, describe Economist Lee Sue Ann and Market Strategist Quek Ser Leang at UOB Community.
Key Quotes
24-hour observe: “The day gone by, we held the observe that USD ‘is no longer going to realize mighty additional’ and we expected it to consolidate and commerce between 132.60 and 133.90. Our observe of consolidation used to be no longer tainted even though USD traded in a narrower vary than expected (132.96/133.80). Upward momentum appears to be like to be constructing yet again but whereas USD is seemingly to commerce with an upward bias, it’s no longer going to interrupt the main resistance at 134.40 today. Enhance is at 133.20, adopted by 132.70.”
Subsequent 1-3 weeks: “Our exchange from yesterday (11 Apr, keep at 133.30) is accumulated professional. As highlighted, additional USD strength is no longer dominated out but overbought non everlasting prerequisites might well possibly well result in a few days of consolidation first. Total, as lengthy as 132.20 (‘real toughen’ diploma used to be at 132.00 yesterday) is no longer breached, USD might well possibly well upward push to 134.40 later on.”
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