The Japanese Yen has been weakening gradually against the US Dollar, with the USD/JPY pair trading in a range-bound manner between 159.90 and 160.40 after a brief spike and reversal, according to UOB analysts Quek Ser Leang and Lee Sue Ann [1]. Despite the intraday volatility, the analysts maintain a slightly positive multi-day stance, noting that upward momentum is building tentatively and the pair is likely to rise gradually toward 160.75 [1]. Strong support is identified at 159.60, which defines the risk for further upward movement, and there is scope for USD/JPY to test the top of a rising wedge near 161.15 in the longer term [1].
In their 24-hour view, UOB analysts previously expected the USD to edge higher to 160.50, with major resistance at 160.75 unlikely to be threatened. However, subsequent price movements saw USD/JPY reach a high of 160.39, drop to 159.87, and rebound to close largely unchanged at 160.17 (-0.07%), providing no fresh clues for immediate direction [1]. For the current session, they anticipate USD/JPY could trade between 159.90 and 160.40 [1].
On a 1-3 week horizon, UOB revised their view to slightly positive, highlighting that upward momentum is building, albeit tentatively, and the level to watch remains 160.75. A breach of the strong support at 159.60 would indicate that the upward momentum has faded [1].
No explicit market reactions or analyst opinions beyond UOB's technical outlook are provided in the article [1].
CONCLUSION
UOB analysts see a mildly positive bias for USD/JPY, expecting gradual gains toward 160.75 as upward momentum builds tentatively. Strong support at 159.60 remains a key level to watch for any shift in trend. The market impact is medium, with no significant immediate reactions reported.