The Japanese Yen weakened further against the US Dollar, with the USD/JPY pair surging above the 156.30 level to reach a high of 156.41, according to United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann [1]. The analysts noted that while the upward momentum remains modest, it is supportive of additional gains in the near term. Intraday, the pair could test 156.50, provided it remains above support at 155.40 [1].
For the next one to three weeks, UOB expects USD/JPY to edge higher toward 157.30, contingent on the pair holding above the strong support level at 154.80 [1]. The analysts highlighted that a break below 154.80 would indicate a potential shift to a range-trading phase, with minor support seen at 154.80 and 155.70 [1]. Despite the recent sharp rise, the momentum has not increased significantly, suggesting that while further gains are possible, the next resistance at 157.30 is unlikely to come under immediate threat [1].
No market reactions or analyst opinions beyond UOB's technical outlook were discussed in the article. There were no references to broader market implications, economic data, or policy factors influencing the move [1].
CONCLUSION
UOB analysts see the potential for USD/JPY to move higher toward 157.30 if support levels hold, though momentum remains modest. The outlook is cautiously bullish, with key support at 154.80 and resistance at 157.30. No additional market reactions or broader implications were mentioned.