Japanese Yen: Bullish but momentum slowing against US Dollar – UOB
UOB strategist Quek Ser Leang reports USD/JPY dropped to 153.23 and closed at 153.54, with intraday bias tilted lower but expected to stay within 153.05–154.30.
UOB strategist Quek Ser Leang reports that the USD/JPY pair dropped to 153.23 and closed at 153.54, with an intraday bias leaning towards the lower side. He expects the pair to remain within the range of 153.05–154.30 over the next 1–3 weeks. While he continues to hold a negative stance on the USD, Quek notes that the downward momentum is slowing, and the chances of revisiting the 152.08 low are decreasing.
A break above 154.90 would indicate stabilization. On a 24-hour view, after highlighting that the USD could rise toward 154.90, UOB also noted that a break above this level was not ruled out, but the strong resistance at 155.20 was unlikely to be threatened. In reality, the USD fell to 153.23 before settling 0.57% lower at 153.54.
Despite the sharp drop, downward momentum has not increased significantly, and the bias for the USD remains on the downside, with any decline likely to stay within a 153.05/154.30 range.
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