USD/JPY climbed above 137.00 earlier in the day but struggled to preserve its bullish momentum. Still, economists at OCBC Bank expect the pair to edge higher.

Near term upside risks

“Daily momentum shows signs of turning mild bullish while RSI rose. Risks skewed to the upside.”

“Resistance at 138.40 (21DMA), 138.65 (61.8% fibo retracement of Aug low to Oct high), 141.20 (50% fibo).”

“Support at 135.50 (76.4% fibo), 134.70 (200DMA) before 133.70.”

See: USD/JPY to bounce toward 140.60 on a move above 138 – SocGen