UOB Bank expects the dollar-yen pair to rise to 139 points!

UOB Bank expects the dollar-yen pair to rise to 139 points!
UOB Bank expects the dollar-yen pair to rise to 139 points!

US dollar and Japanese yen

In light of the continued rise of the dollar-yen pair during the past period, experts at UOB Bank expected that the pair would continue its rise towards the level of 139.00 points within the next few weeks.

On the daily framework, experts at the bank saw that the US dollar was expected to rise yesterday, but a breach of the 136.80 level was unlikely, except that the dollar yen pair rose sharply to the highest level of 137.71 points, which may make the dollar yen breach its highest level in a month. At 137.80 points, and it is unlikely that the next major resistance for the dollar yen pair at 139.00 points will be exposed to any threat, but the pair also finds support near the level of 137.10 points or 136.7 points.

On the 1-3 week frame, the upside risks for the US dollar were indicated, as the dollar succeeded in overcoming the strong resistance at the level of 136.80 points and approached the level of 137.80 points. A breach of this level is not excluded and will shift the focus to the level of 139.00 points, but if the pair fails to A rise towards this level and a decline towards the strong support at 136 points, or perhaps breaking the strong support at 135.30 points, may indicate that the current bullish pressure for the dollar yen pair has begun to subside.

It should be noted that in light of the recent rises of the USD JPY pair, experts at Danske Bank believe that the rise in the pair is exaggerated, and that the dollar yen may fall below the level of 127 points during the next three months, especially with expectations of a calming pace of US monetary tightening.

Experts at the Danish Bank explained that in the near term, we could see some risks threatening the dollar-yen pair, especially with the markets’ optimism regarding the US Federal Reserve’s continued tightening of monetary policy, and the stability of the Bank of Japan’s accommodative monetary policy. Danske Bank economists continued that the rise in global commodity prices represents an upward risk to the dollar yen in the coming period, as Japan is a net energy importer, but in general, upward movements in US revenues for whatever reason remain a tailwind for the dollar yen pair.

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