Japanese Yen: Edges lower toward 160.75 against US Dollar – UOB

FXStreet Insights Team FXStreet

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann keep a constructive view on USD/JPY, noting mild but persistent upward momentum. Intraday, they see scope for a test of 160.75 while capping the topside at 161.00. Over 1–3 weeks, the pair is expected to rise gradually as long as 160.00 holds, with the 1–3 month view allowing for a move toward the rising wedge top near 161.15.

Mild bullish bias with firm supports

"24-HOUR VIEW: USD closed slightly higher by 0.12% at 160.36 two days ago. Yesterday, we indicated that “the slight increase in upward momentum suggests USD could edge higher and test 160.55.” We also highlighted that “the major resistance at 160.75 is unlikely to come into view.” We were not wrong, as USD edged up to a high of 160.57. Upward momentum remains mild, and USD could continue to edge higher today, potentially testing 160.75. This time around, the next resistance at 161.00 is unlikely to come into view. Support is at 160.35, followed by 160.20."

"1-3 WEEKS VIEW: We highlighted on Monday (08 Jun, spot at 160.25) that “upward momentum is building, albeit tentatively,” and USD “could rise gradually, and the level to watch is 160.75.” We will continue to hold the same view as long as 160.00 (‘strong support’ level previously at 159.60) is not breached. Looking ahead, should USD break clearly above 160.75, the next level to watch is 161.00."

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

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FXStreet Insights Team

FXStreet

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