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USD/JPY gains for a fifth straight session amid overbought signals

FXStreet reports USD/JPY last closed up 0.3% to 158.83, and analysts expect consolidation before a potential push toward 159.60.

Reported · Written up by our desk · Major Pairs

FXStreet reports USD/JPY continued higher for a fifth straight session, closing at 158.83, up 0.34% on the day.

UOB analysts Quek Ser Leang and Lee Sue Ann said the move still has positive momentum, but indicators are deeply overbought, suggesting the pair is more likely to consolidate rather than extend gains immediately.

In the near term, they expect USD/JPY to trade in a range between 158.30 and 159.00 as long as it holds above revised strong support at 157.60.

Looking one to three weeks, they flag scope for a test of major resistance at 159.60, noting USD recently broke above 158.40 and rose to 159.03 after previously trading at 158.40 and 156.20 support levels.

Latest closeUSD/JPY 158.89 ▲0.9%

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