USD/JPY faces a solid resistance at 136.80 – UOB – by pabspiovano USDJPY Currencies Majors Banks
to challenge the firm resistance at 136.80 in the near term, according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: “We did not anticipate the strong surge in USD as it rallied to a high of 135.76 in late NY and then extended its advance in early Asian trade. Not surprisingly, conditions are severely overbought but with no signs of weakness just yet, USD could edge higher today. In view of the overbought conditions, the major resistance at 136.
Next 1-3 weeks: “Our latest narrative was from last Thursday wherein ‘while downward momentum is building again, the likelihood of USD dropping to 133.00 has not increased much’. We did not expect the strong surge of 0.87% on Friday. The breach of our ‘strong resistance’ of 135.50 indicates that the downside risk has faded. While the risk has shifted to the upside, it is worth noting that there is a solid resistance near 136.80 ahead of the early May high near 137.80.
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