USD/JPY Taps New Heights Above 163
Japanese Yen's uptrend continues unabated as the USD/JPY pair hits new multi-decade highs above 163. The analysts at United Overseas Bank are optimistic about further gains, with Quek Ser Leang and Lee Sue Ann predicting an extension to 163.50 if the strong support level of 162.40 holds.
The recent price action has been somewhat inconclusive, but the bank's analysts expect intraday consolidation between 162.80 and 163.30. They believe that the uptrend can persist in the medium term as long as the USD stays above the 21-day EMA at 161.00.
The USD/JPY pair has been on a tear, with the high of 163.23 set two days ago. While the price did dip to 162.77 briefly before recovering, the bank's analysts are not deterred in their bullish view for the currency pair.