Japanese Yen: Losses limited near 162.75 against US Dollar – UOB

FXStreet Insights Team FXStreet

United Overseas Bank’s (UOB) Quek Ser Leang highlights that USD/JPY retains an intraday upside bias, with resistance at 162.75 and major resistance at 163.00 unlikely to be threatened. Over 1–3 weeks, the pair is expected to stay within a 161.30–163.00 band. On a 1–3 month view, the uptrend can extend as long as it holds above the 21-day EMA near 161.00.

Dollar-Yen stays firm within defined band

"24-HOUR VIEW: While we highlighted last Friday that “the bias for USD is tilted to the upside,” we pointed out that “any advance is likely to be contained within a range of 162.10/162.65.” USD then traded between 162.12 and 162.51, closing largely unchanged at 162.39 (+0.01%). USD traded on a firm note in the early Asian trade today, and the bias remains tilted to the upside. That said, any advance is expected to face firm resistance at 162.75. The major resistance at 163.00 is not expected to come under threat. Support is at 162.35, followed by 162.20."

"1-3 WEEKS VIEW: The following excerpt from our update last Friday (17 Jul, spot at 162.35) remains valid: “We have held the same view since last Tuesday (07 Jul, spot at 162.10), when we indicated that “the outlook for USD is mixed,” and it could “trade between the two major levels of 160.60 and 163.00.” While we are not able to derive much from the price action since then, a narrower 161.30/163.00 range is likely sufficient to contain USD for now.”

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FXStreet Insights Team

FXStreet

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