According to UOB analysts Quek Ser Leang and Lee Sue Ann, the USD/JPY currency pair has extended its rebound to approximately 155.08, with modest upward momentum suggesting the potential for a test above 155.50. However, they note that the next resistance level at 156.30 remains a distant cap, indicating that significant further gains are unlikely in the near term [1].
The analysts report that the US dollar rose to a high of 154.99 two days ago and subsequently reached 155.23 before settling at 155.08, marking a 0.47% increase. While upward momentum has increased, it remains modest, and the pair is expected to remain confined within a broad 153.30–156.30 range over the next one to three weeks. Support is identified at 154.40, with minor support at 154.80 [1].
UOB revised its outlook from negative to slightly positive, citing a fading of downward momentum and a tentative buildup in upward momentum. Despite this, the analysts emphasize that any advance in USD/JPY is likely to stay within the established range, reflecting limited losses for the Japanese yen against the US dollar [1].
No significant market reactions or forward-looking statements from other analysts are mentioned in the source article [1].
CONCLUSION
UOB analysts expect the USD/JPY pair to remain range-bound between 153.30 and 156.30, with only modest upward momentum. The Japanese yen's losses are seen as limited, and no major market impact is anticipated in the near term.