USD/JPY could extend its rise towards the 116.00 level – OCBC

The USD/JPY breached the 115.00 resistance on Tuesday as yield differential arguments offset risk-off tones. The risk is for the pair to extend higher after the breach of this key technical level, economists at OCBC Bank report.

Range break?

“It may be too early to call for further extensions higher beyond 115.00, especially with shaky risk sentiments still persisting. Prefer to wait and see for now.” 

“Should sentiment improve in the coming session, there might be scope to ride the USD/JPY higher towards 115.80/00.”