According to United Overseas Bank’s (UOB) Quek Ser Leang, the USD/JPY currency pair continues to exhibit an intraday upside bias, with resistance identified at 162.75 and major resistance at 163.00, which is not expected to be breached in the near term [1]. Over the past trading session, USD/JPY traded within a narrow range between 162.12 and 162.51, closing largely unchanged at 162.39, reflecting a firm but contained movement [1].
UOB’s analysis suggests that, for the next 1–3 weeks, USD/JPY is likely to remain within a band of 161.30 to 163.00, with the broader 1–3 month outlook maintaining an uptrend as long as the pair stays above the 21-day EMA, currently near 161.00 [1]. Immediate support levels are noted at 162.35 and 162.20, while any upward movement is expected to encounter resistance at 162.75, with the 163.00 level serving as a significant barrier [1].
No major market reactions or volatility were reported, and the outlook remains mixed, with analysts expecting the pair to trade within the defined range for the foreseeable future [1]. There are no forward-looking statements regarding potential breakouts or significant shifts, as the current technical setup suggests consolidation within the established levels [1].
CONCLUSION
The USD/JPY pair is expected to remain range-bound between 161.30 and 163.00, with resistance at 162.75 limiting further gains in the short term. Market sentiment is neutral to slightly positive, with no significant volatility or breakout anticipated according to UOB’s analysis.