USD/JPY: Has a small chance of testing 151.30 – UOB Group

FXStreet Insights Team FXStreet

US Dollar (USD) could test 151.30 vs Japanese Yen (JPY); it is uncertain if it can break clearly above this level. In the longer run, if USD breaks and holds above 151.30, it could trigger additional gains to 152.30, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Above 151.30, USD/JPY to face additional gains to 152.30

24-HOUR VIEW: "When USD was at 150.50 yesterday, we expected it to 'edge higher.' However, we pointed out that it 'does not appear to have enough momentum to break clearly above 151.00.' The anticipated advance exceeded our expectations, as USD rose above 151.00, reaching a high of 151.15. Today, while USD could test 151.30, upward momentum remains unconvincing, and it is incertain if it can break clearly above this level. The next major resistance at 152.30 is unlikely to come into view. On the downside, support is at 150.70, followed by 150.30."

1-3 WEEKS VIEW: "Two days ago (26 Mar, spot at 149.90), we highlighted that 'while there is scope for USD to rise further, it may find the 151.00/151.30 resistance zone difficult to break.' Yesterday, USD rose to a high of 151.15. From here, if USD breaks and holds above 151.30, it could trigger additional gains toward 152.30. We will continue to view USD is a positive manner, as long as the ‘strong support’ at 149.50 (level was at 149.00 yesterday) is not breached."

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 looks sidelined around 1.1850

EUR/USD remains on the back foot, extending its bearish tone and sliding towards the 1.1850 area to print fresh daily lows on Monday. The move lower comes as the US Dollar gathers modest traction, with thin liquidity and subdued volatility amplifying price swings amid the US market holiday.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.