USD/JPY to extend its advance into the 114.50-115.00 zone – OCBC

The USD/JPY dip was relatively shallower and held above the 113.20 mark. Economists at OCBC Bank maintain a USD-positive stance against the yen and expect the pair to enter the 114.50-115.00 area.

Buy on dips

“Topside at 113.80 was rejected yesterday amid the USD dip, but note that the decline bottomed out at 113.20 and is progressively shallower. This suggests that 113.00 would be a firm support and the underlying positive momentum is not exhausted just yet.”

“Technicals suggest that the next resistance zone would enter around 114.50 to 115.00 levels.”

“Prefer to buy dips towards 113.20.”