Japanese Yen: Pressure persists toward 159.60 against US Dollar - UOB

FXStreet Insights Team FXStreet

UOB’s Quek Ser Leang and Lee Sue Ann note USD/JPY has risen for five straight sessions to 158.83, with momentum still positive but indicators deeply overbought. They expect near-term consolidation between 158.30 and 159.00, yet see scope for a test of major resistance at 159.60 as long as the pair holds above the revised strong support at 157.60.

Dollar rally stretches against Japanese Yen

"24-HOUR VIEW: USD closed higher for the fifth straight day yesterday, rising 0.34% to 158.83. Negative divergence on momentum indicators and overbought conditions suggest that instead of continuing to rise, USD is more likely to consolidate between 158.30 and 159.00 today"

"1-3 WEEKS VIEW: Tracking our positive USD view from early last week, we highlighted on Tuesday (22 Sep, spot at 157.30) that “further USD strength seems likely, but given the overbought conditions, any advance is expected to face firm resistance at 158.40.” We also highlighted that “to keep the momentum going, USD must hold above the ‘strong support’ level at 156.20.” USD tested the 158.40 level two days ago, and yesterday, it broke above 158.40 and rose to 159.03. Conditions remain deeply overbought, but USD could test the major resistance at 159.60 before the risk of a pullback increases. On the downside, the ‘strong support’ level is now at 157.60."

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