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USD/JPY: Further strength expected at 137.85 – UOB

Once the pair breaks the 137.85 level in the next few weeks, USD/JPY is likely to rise further, Lee Sue of UOB Group said. Forex strategists commented on Ann and Quek Ser Leang.

Key Quotes

24-hour view: ” On Friday, the dollar surged to a high of 137.23 before closing with a strong finish at 136.93 (+0.77%). Unsurprisingly, the situation is overbought, but the dollar’s advance seems to have enough momentum to extend further. However, today may Couldn’t touch the main resistance at 137.85 (one more at 137.50). Support at 136.80, then 136.40.”

Next 1-3 weeks: “Last week’s dollar’s A strong rise could extend to 137.85. Further extension is not ruled out, but the USD must break the main resistance level of 137.85 before the USD can strengthen further. Overall, as long as the USD does not break below the “strong support” level, currently at 135.90, the USD There is upside risk.”

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