Japanese Yen: Downside still favoured toward 158.40 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann maintain a constructive short-term view on USD/JPY after the pair closed at 157.37. They still see scope for further US Dollar (USD) strength, with intraday moves expected within 157.10–157.90 and firm resistance at 158.40.
The Japanese Yen (JPY) is expected to remain weak against the US Dollar (USD), with the Japanese currency possibly falling toward the 158.40 level, according to United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann. The pair closed at 157.37, indicating a continued downtrend that could potentially reach the January low at 152.08.
UOB maintains a short-term positive outlook on USD strength but warns that further downside momentum could eventually target 158.40. Strong support for the Yen has been revised up to 156.45, while a firm resistance level at 158.40 remains. The USD's rise to 157.52 on Monday and its fluctuation between 157.10-157.90 within a day suggest the possibility of further gains, although the momentum remains uncertain.
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