Japanese Yen: Further weakness could target 157.30 against US Dollar - UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note USD/JPY surged above 156.30 to a high of 156.41, with momentum still modest but supportive of further gains. Intraday, the pair could test 156.50 while holding above support at 155.40.
UOB analysts Quek Ser Leang and Lee Sue Ann forecast further weakness in the Japanese Yen against the US Dollar, with the possibility of the USD/JPY pair reaching 157.30 in the near future. Currently, the pair has surged above 156.30 to a high of 156.41, supported by modest momentum. The intraday target is 156.50, while the pair holds strong above 155.40. In the coming one to three weeks, they anticipate the USD/JPY to move upward toward 157.30, assuming it remains above the strong support level at 154.80.
Over the past 24 hours, the US Dollar rose above 155.00, as previously expected. When it reached 155.15, the analysts mentioned that upward momentum was modest, but today, the USD could break above 155.50. The next resistance is at 156.30, which is not likely to be reached soon. On the downside, a break below 154.40, with minor support at 154.80, would indicate that the USD has entered a range-trading phase.
During the NY session, the USD dipped to 154.86 before soaring above 156.30, reaching a high of 156.41. Despite this sharp rise, momentum has not increased significantly. However, the USD could test 156.50 before leveling off. The next resistance is at 157.30, which is unlikely to be threatened. Support is at 155.70, followed by 155.40.
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