UOB analysts Quek Ser Leang and Lee Sue Ann report that the Japanese Yen may weaken further against the US Dollar, with the USD/JPY pair holding above the 160.00 level and closing modestly higher around 160.25. Intraday price action showed the USD trading between 159.70 and 160.07, with a dip to 159.82 before rising to 160.34 during the early New York session. The pair closed at 160.29, marking a 0.17% increase for the day [1].
The analysts note that mild upward momentum suggests the USD could edge higher toward 160.50 in the near term, though the major resistance at 160.75 is unlikely to be threatened immediately. Key support is identified at 160.05, with a breach of 159.95 indicating that the current mild upward pressure may have eased [1].
Looking at the 1–3 week horizon, UOB highlights that upward momentum is building, albeit tentatively. The USD/JPY could rise gradually toward 160.75, provided that support at 159.60/159.95 holds. Previously, the analysts expected range trading between 159.20 and 160.30, but the recent move above 160.30 and a high of 160.34 suggest a firmer underlying tone [1].
No specific market reactions or analyst opinions beyond the technical outlook are discussed in the article [1].
CONCLUSION
UOB analysts see a gentle upside bias for USD/JPY, with the potential for further gains toward 160.75 if key support levels hold. The market currently exhibits mild upward momentum, but major resistance is not expected to be challenged immediately. Investors should monitor support at 159.60/159.95 for signs of a shift in trend.