Singapore’s United Overseas Bank: Room for USD/JPY to Rise Above Last Week’s High of 146.55

Economist Lee Sue Ann and Market Strategist Quek Ser Leang from the United Overseas Bank (UOB) Group suggest that there might be further upside potential for the USD/JPY pair in the short term.

As highlighted, while the exchange rate rebounded from 144.92, the upward momentum remains limited.

However, there is room for the exchange rate to rise above last week’s high around 146.55, yet whether there is enough momentum to push it towards the next significant resistance at 147.50 remains to be seen.

Overall, only a drop below 144.50 (strong support level unchanged) would indicate that the exchange rate is unlikely to advance further.