United Abroad Financial institution’s (UOB) Quek Ser Leang sees USD/JPY persevering with to consolidate slightly below the 2024 excessive of 162.00, with intraday buying and selling anticipated between 161.45 and 161.95. Regardless of fading momentum, the financial institution retains a mildly constructive 1–3 week view so long as assist at 161.25 holds, and longer-term evaluation nonetheless permits scope to check the highest of a rising wedge.
Threat of break above 162.00 nonetheless intact
“24-HOUR VIEW: We indicated final Friday that USD “may commerce between 161.45 and 161.95.” USD then traded inside a variety of 161.51/161.84, closing largely unchanged at 161.73 (-0.03%). The worth motion offers no contemporary clues, and we proceed to count on USD to commerce between 161.45 and 161.95.”
“1-3 WEEKS VIEW: We have now held the identical view since 19 Jun (spot at 161.25), after we indicated that USD “may rise to the 2024 excessive of 162.00.” Since then, USD has been consolidating slightly below 162.00. Upward momentum is fading, however the danger of a break above 162.00 will stay intact so long as 161.25 (‘robust assist’ degree beforehand at 161.10) will not be breached.”
(This text was created with the assistance of an Synthetic Intelligence instrument and reviewed by an editor.)
