USD/JPY: Strong momentum suggests further advance – UOB Group

UOB Group's report, authored by Quek Ser Leang and Lee Sue Ann, indicates that USD/JPY is likely to continue its upward trajectory, with strong momentum suggesting a potential advance towards the resistance level at 156.40. The analysis notes that the USD must maintain its position above 153.30 to support this upward movement. The report highlights the importance of resistance levels in guiding future price behavior.

USD momentum remains strong

"Strong momentum suggests USD is likely to advance further, but it remains to be seen if it can reach the resistance at 156.40."

"Upward momentum is building rapidly, but given the recent sharp declines, USD must overcome the resistance at 156.40 before further advances can be expected."

"The likelihood of USD breaking above 156.40 will increase in the coming days as long as it holds above 153.30."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)