UOB Group FX strategists Quek Ser Leang and Peter Chia see scope for the US Dollar (USD) to briefly push above 155.00 against the Japanese Yen (JPY), though they note that any sustained advance beyond this level appears unlikely for now. In the broader outlook, price action continues to point toward an upside bias, with gains expected to be capped around 155.55.
USD is likely to trade with an upside bias
24-hour view:
USD/JPY surged to 155.04 two days ago, and UOB noted on Thursday when the pair was trading near 154.80 that upward momentum had improved but not significantly. Analysts expected a possible test of 155.20.
The pair briefly touched 155.01 before reversing sharply to 154.11 and then rebounding. For today, the bank sees a chance of USD/JPY rising above 155.00 once more, but the lack of strong bullish momentum suggests limited follow-through above that level. Support rests at 154.30, followed by 154.10.
1–3 weeks view:
UOB maintains the same stance as earlier in the week, reiterating that USD/JPY is likely to trade with an upside bias. However, without a meaningful pickup in momentum, any gains are expected to stall near 155.55.
Only a drop below 153.95—the current strong support level—would indicate that the bullish bias has faded.
