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USD/JPY holds firm with upside bias near 162.75 resistance
UOB expects the pair to trade in a 161.30 to 163.00 range over the next 1 to 3 weeks, with the 163.00 level unlikely to be broken.
FXStreet reports that United Overseas Bank analyst Quek Ser Leang says USD/JPY’s intraday bias remains to the upside, but any rise is likely to run into resistance around 162.75 and face limited pressure at 163.00.
In the near term, the firm expects USD/JPY to stay within a 161.30 to 163.00 band over the next 1 to 3 weeks. Support is cited near 162.35 first, followed by 162.20.
On a broader 1 to 3 month view, UOB says the uptrend can continue as long as USD/JPY holds above the 21-day EMA near 161.00.
The article also notes USD/JPY was little changed in the latest session, finishing around 162.39 (+0.01%), after trading between 162.12 and 162.51 earlier in the day.
Latest closeUSD/JPY 162.33 ▲0.2%