USD/JPY has a chance to rise toward 149.20 – UOB Group

FXStreet Insights Team FXStreet

The current price movements are likely part of a 147.85/148.75 consolidation phase. In the longer run, price action indicates that USD could rise toward 149.20, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Current price movements are likely part of a 147.85/148.75

24-HOUR VIEW: "We expected USD to 'advance further' yesterday, but we highlighted that 'the major resistance at 149.20 is unlikely to come under threat.' We also pointed out that 'there is another resistance level at 148.90.' Our view did not materialise as USD traded in a range of 148.13/148.80, closing largely unchanged at 148.44 (-0.06%). The price movements are likely part of a consolidation phase. Today, we expect USD to trade between 147.85 and 148.75."

1-3 WEEKS VIEW: "Yesterday (29 Jul, spot at 148.55), we highlighted that the recent price action 'indicates that USD could rise toward 149.20.' Although USD rose to a high of 148.80, it pulled back to close largely unchanged at 148.44 (-0.06%). Upward momentum is tentatively slowing, but as long as 147.40 (no change in ‘strong support’ level) holds, there is still a chance for USD to rise to 149.20."

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.

EUR/USD retakes 1.1800 on renewed USD weakness

EUR/USD gains ground after three days of losses, re-attempting 1.1800in the European trading hours on Thursday. The US Dollar sees fresh selling interest across the board, despite hawkish Fed Minutes, as the market mood improves and supports the pair. US Jobless Claims data, Fedspeak and geopolitics remain in focus.

GBP/USD recovers above 1.3500 amid better mood

GBP/USD finds fresh demand and rises back above 1.3500 in the European session on Thursday. Improving risk sentiment and renewed US Dollar weakness are helping the pair recover ground ahead of mid-tier US data releases and Fedspeak.

Gold clings to gains above $5,000 amid safe-haven flows and Fed rate cut bets

Gold sticks to modest intraday gains, above the $5,000 psychological mark, through the first half of the European session, though it lacks bullish conviction amid mixed cues. The third round of US-mediated negotiations between Ukraine and Russia concluded in Geneva on Wednesday without any major breakthrough.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments. The technical outlook suggests further gains if INJ breaks above key resistance.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.