Japanese Yen: Bears eye 2024 low at 162.00 against US Dollar – UOB

FXStreet Insights Team FXStreet

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note that USD/JPY remains in a range-trading phase intraday, projected between 161.20 and 161.80 after a narrow 161.25–161.73 session. On a 1–3 week horizon, they keep a positive US Dollar (USD) view, looking for a move toward the 2024 high at 162.00 while 160.90 acts as strong support.

Rangebound now but uptrend still intact

"24-HOUR VIEW: Following the choppy price action on Monday, we stated yesterday that “we are not able to derive much from the sharp swings.” We indicated that USD “could trade between 161.10 and 161.90.” USD then traded within a narrower range than expected (161.25/161.73), closing marginally higher by 0.02% at 161.57. The price movements appear to be part of a range-trading phase. Today, USD could trade between 161.20 and 161.80."

"1-3 WEEKS VIEW: We have held a positive USD view since last Thursday. In our most recent narrative from Friday (19 Jun, spot at 161.25), we indicated that USD “could rise to the 2024 high of 162.00.” We will continue to hold this view as long as 160.90 (‘strong support’ level previously at 160.65) is not breached."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD treads water around 1.3400 as Hormuz risks lift USD

GBP/USD trades with caution around 1.3400 in European trading on Monday, away from an over three-week high, or levels just above the 1.3500 psychological mark touched on Friday. The pair faces headwinds from a modest US Dollar rebound as investors rush to safety amid renewed jitters on the reopening of the Strait of Hormuz and US-Iran talks.

EUR/USD consolidates below 1.1600 amid Mideast tensions

EUR/USD kicks off the new week on a subdued note and trades below 1.1600 in the European morning on Monday, well within striking distance of a fresh high since June 17, touched in reaction to the disappointing US jobs data on Friday.

Gold climbs back to $4,350; remains below June 17 high

Gold reverses a modest intraday dip, and climbs to the top boundary of its daily range, closer to the $4,350 level heading into the European session. The commodity, however, remains below its highest level since June 17, touched on Friday, following the release of the US Nonfarm Payrolls report.

Cardano: Bulls eye a second leg higher as whales buy

Cardano trades above $0.196 at the start of the week after posting double-digit gains over the past two weeks. ADA’s bullish price action is supported by steady whale accumulation. Meanwhile, derivatives sentiment is showing a slight bullish tilt, suggesting a second leg higher for ADA.

The hottest trade of 2026 has a problem

The carry trade has been one of the biggest winners of the year, helped by low volatility, wide interest-rate gaps, and a relatively stable dollar. But now, parts of that setup are starting to crack.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.