He US Dollar (USD) Likely to Trade Sideways Between 159.35 and 159.95 Against the Japanese Yen. It could break above 160.00, but note that there is another resistance level at 160.25, FX strategists at UOB Group.
USD/JPY has a chance to break above 160.00
24 HOUR PERSPECTIVE: “Yesterday, we held the view that ‘as long as the USD remains above 159.30, it could rise above 160.00, potentially reaching 160.25.’ The subsequent price action did not evolve as we expected, with the USD falling sharply but briefly to 159.31 before recovering to close at 159.59 (-0.13%). The price action is likely part of a sideways trading phase today. “We expect the USD to trade between 159.35 and 159.95.”
1-3 WEEKS VIEW: “We continue to maintain the same opinion as yesterday (June 24, pair at 159.85). As highlighted, USD could break above 160.00, but it should be noted that there is another resistance level at 160.25. On the downside, if the USD breaks below 158.80 (no change to the ‘strong support’ level), it would indicate that the USD’s strength since the beginning of last week has diminished.”
Source: Fx Street
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