USD/JPY: A breach of 160.45 may signal US Dollar’s weakness – UOB Group

July 5, 2024 10:45 am

The US Dollar (USD) could continue to trade in a range, probably between 160.80 and 161.80. Upward momentum is beginning to slow, but only a breach of 160.45 would suggest that USD is not strengthening further, UOB Group analysts Quek Ser Leang and Lee Sue Ann note.  

To be sidelined in a range or to breach 160.45

24-HOUR VIEW: “We expected USD to trade in a range between 160.80 and 161.90 yesterday. USD subsequently traded in a narrower range than expected (160.93/1611.74). The price action provides no fresh clues, and we continue to expect USD to trade in a range, probably between 160.80 and 161.80.”

1-3 WEEKS VIEW: “We have expected a stronger USD since the middle of last month. Yesterday (04 Jul, spot at 161.45), we highlighted that ‘upward momentum is beginning to slow.’ However, we noted ‘only a breach of 160.45 would suggest that USD is not strengthening further.’ Our view remains unchanged.”

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