Japanese Yen: Remains vulnerable against US Dollar - UOB
UOB’s Quek Ser Leang and Lee Sue Ann observe USD/JPY consolidating near 159.25 after Monday’s sharp rise, with intraday trade expected between 158.95 and 159.60. While momentum is strong, deeply overbought conditions limit upside beyond 159.60.
UOB analysts Quek Ser Leang and Lee Sue Ann report that the USD/JPY currency pair is currently trading near 159.25, with intraday trading expected between 158.95 and 159.60. Although momentum remains strong, overbought conditions make it difficult for the pair to rise beyond 159.60 over the next one to three weeks. The bias for USD/JPY is still positive, but gains are dependent on the pair staying above the 21-day Exponential Moving Average (EMA).
Yesterday, UOB highlighted that strong momentum suggests the USD could continue to rise, but the overbought conditions limit any advance to a range between 158.60 and 159.60. Today, USD/JPY is expected to trade within the same range.
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