Japanese Yen: Strength stabilising against US Dollar – UOB
UOB’s Quek Ser Leang and Lee Sue Ann note USD/JPY weakness is stabilising around 153.45 after a drop to 152.92 and recovery to 153.54. They now expect consolidation between 153.00 and 154.30 intraday.
UOB analysts Quek Ser Leang and Lee Sue Ann report the Japanese Yen (JPY) is finding stability against the US Dollar (USD), hovering around 153.45 after a dip to 152.92 and a rebound to 153.54. They anticipate the pair will trade within a 153.00-154.30 range intraday. However, their outlook for the next week remains bearish, with the year-to-date low at 152.08 marking the next support level, while 155.20 represents strong resistance.
On Tuesday, USD plummeted to 152.87 before rebounding to close at 153.96. Yesterday, a major support level at 152.08 remained untested, with resistance at 154.20, suggesting a potential stabilization of USD weakness. The previous forecast did not materialize, as USD dropped to 152.92 and then climbed to 153.54, down 0.27%. The weakening USD seems to be stabilizing, and may instead consolidate between 153.00 and 154.30 today.
The UOB team maintains a negative stance on USD for the upcoming week, as downward momentum has eased, but a breach of the 155.20 level could still allow USD to approach 152.08.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
