The US Dollar (USD) is likely to trade sideways between 159.20 and 159.90 against the Japanese Yen. USD/JPY could break above 160.00, but there is another resistance level at 160.25, FX strategists at UOB Group.
A potential jump to 160.25 is on the table
24 HOUR PERSPECTIVE: “We expected the USD to trade sideways between 159.35 and 159.95 yesterday. Subsequently, the USD traded in a range of 159.18/159.78, closing virtually unchanged at 159.69 (+0.06%). Price movements still appear to be part of a lateral trading phase Today, we expect the USD to trade between 159.20 and 159.90“
1-3 WEEKS VIEW: “We have maintained a positive view on the USD since the beginning of last week. In our latest narrative from two days ago (June 24, pair at 159.85), we indicated that although USD could break above 160.00, it is worth noting that there is another resistance level at 160.25. We continue to maintain the same vision. To the downside, if the USD breaks below 158.80 (no change in the ‘strong support’ level), it would indicate that the strength of the USD has diminished.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
