The dollar has already rallied against global peers on growing expectations that the Federal Reserve will lift rates on Wednesday. JPMorgan expects the gains to last well into the new year.
"It feels like the market is probably already paying back a little bit of its long dollar positioning… We could potentially see a little bit of a dollar pullback but probably nothing beyond 1 percent in terms of the majors," said J.P. Morgan's head of EM Asia FX strategy, Jonathan Cavenagh.
There could be some profit-taking ahead of the year-end but any decline beyond 1 to 2 percentage points presents a buying opportunity, he said.
The bank anticipates the Fed to hike rates another four times next year driven by supply-side dynamics as unemployment and labor participants rate fall, driving wage growth and inflation.