USD/JPY Weakness Stabilises Around 153.45
UOB analysts Quek Ser Leang and Lee Sue Ann observe that the weakness in USD/JPY is stabilising, having dropped to a low of 152.92 before recovering to 153.54.
The pair notes that while conditions are oversold, the weakness has not yet stabilised, and a more sustained recovery is unlikely until USD breaks above 154.20 or reaches 152.60.
According to their analysis, the year-to-date low of 152.08 remains the next key support level for USD/JPY, while strong resistance is seen at 155.20.
In their previous narrative from September 8th, the analysts had predicted that USD would continue to weaken, with the price action suggesting a move towards 152.08.