USD/JPY: Break Above 160.00 Points To Resistance At 160.25

USD/JPY may trade sideways between 159.20-159.90. FX Strategists at UOB Group believe the pair could break above 160.00, but another resistance is at 160.25.

The pair could jump to 160.25

24-hour view: “Yesterday we expected USD/JPY to trade sideways between 159.35-159.95. The pair then traded between 159.18/159.78 and closed mostly flat at 159.69 (+0.06%). This is still part of a sideways phase. Today, we expect the pair to trade between 159.20-159.90.

1-3 week view: “We have been positive on USD/JPY since the beginning of last week. In our last report two days ago (June 24, spot price at 159.85), we noted that while USD/JPY could break above 160.00, it is worth noting that another resistance level is at 160.25. We continue to hold the same view. On the downside, a break below 158.80 (‘strong support’ level remains unchanged) would indicate that the strength of the exchange rate has eased.

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