USD/JPY: Testing highs but momentum still muted – UOB

FXStreet Insights Team FXStreet

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann observe that USD/JPY climbed to 159.37 as the Dollar strengthened. They see scope for a retest of 159.65, with limited follow-through above that level, and expect a broader 157.55–160.50 range. Longer term, a move above 159.45 is possible but unlikely to challenge 162.00.

Dollar-Yen holds near upper band

"24-HOUR VIEW: Subsequent to Monday’s price action, we highlighted yesterday that “momentum indicators are mostly flat,” and we expected USD to “trade between 158.50 and 159.20.” Our view was incorrect, as after dipping to 158.66, USD rose and reached a high of 159.64 in the late NY session. USD pulled back from the high and closed at 159.37 (+0.37%). Despite the relatively sharp rise, there has been no clear increase in upward momentum. However, there is scope for USD to retest the 159.65 level. A continued rise above this level is unlikely. Support is at 159.00, followed by 158.75."

"1-3 WEEKS VIEW: Our update from Monday (20 Apr, spot at 159.10) still stands. As highlighted, after the recent choppy price action, “we are not able to derive much from the volatile price action.” We also indicated that “for the time being, USD could trade between 157.55 and 160.50.”"

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

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.

GBP/USD clings to multi-day peaks below 1.3500

GBP/USD trades with marked gains on Friday, now giving away some gains following an earlier surpass of the key 1.3500 yardstick. Indeed, Cable gathers fresh steam amid the strong offered stance in the Greenback, all after US NFP badly missed expectations in July.

EUR/USD: Post-NFP bounce falters around 1.1580

EUR/USD reverses Thursday’s decline and trades with solid gains in the 1.1560 region, or two-month peaks, on Friday. The pair’s firm performance comes in a context of a sharp correction in the US Dollar as investors continue to assess disheartening US NFP readings.

How Wall Street rigs the game [Video]

In this week’s Live from the Vault, Andrew Maguire is joined by Peter Antico and Sean Stone to discuss the Paradigm of Money - an in-depth expose of financial market corruption, from naked shorting to the two-tier system that protects Wall Street.

XRP Price Forecast: XRP nears critical $1.00 support

Ripple (XRP) remains pressured on Friday, trading around $1.03 at the time of writing. The token appears to hold this current level as support but lacks a catalyst to sustain a knee-jerk rebound toward the next key resistance at $1.10.

Is Gold about to enter its biggest bull run since 2020?

Gold has stormed back into the spotlight and its next move could leave late buyers chasing. On August 5, the yellow metal surged almost 7% – roughly $174 – to close near $4,308 an ounce, posting one of its biggest daily advances in recent history. A weaker U.S dollar, falling Treasury yields, changing Federal Reserve expectations and renewed safe-haven demand all struck at once.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.