Japanese Yen: Consolidation before potential push to 160.55 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann report that USD/JPY has pulled back from 160.20, with intraday price action expected to stay between 159.50 and 160.15 as upward pressure eases.
United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann have noted that the USD/JPY currency pair has retraced from the 160.20 level, with intraday trading expected to occur between 159.50 and 160.15. They maintain a mildly optimistic perspective, anticipating the pair to potentially rise towards 160.55 within the next 1-3 weeks, provided the 159.20 support level remains intact.
UOB also observes that the longer-term uptrend persists above the 21-day Exponential Moving Average (EMA). Following last Friday's sharp upward move to 160.04, they previously cautioned that the rapid rise seemed excessive and doubted further gains for the USD. Instead, they projected USD would "consolidate at these higher levels between 159.65 and 160.25."
However, USD did not stabilize precisely; it fell to 159.45 and then rebounded to close at 159.73, reflecting a 0.19% decline. Currently, they forecast USD to range trade, most likely between 159.50 and 160.15.
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