Japanese Yen: Overbought rally faces 158.40 cap – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note that USD/JPY remains supported after testing the 157.30 area, with short-term price action expected to stay within a 156.90–157.80 range.
UOB's analysts Quek Ser Leang and Lee Sue Ann indicate that the USD/JPY currency pair is currently overbought and faces a resistance cap at 158.40. In the short term, price action is anticipated to remain within a range of 156.90 to 157.80. Over the next 1-3 weeks, there could be further USD strength, but the overbought conditions might impede gains near the 158.40 level. The bullish sentiment persists as long as the USD stays above the critical 156.20 support level.
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