According to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, the next significant support level for USD/JPY is at 148.30. The current support is at 140.80, but it remains to be seen if this level will come into view.
24-Hour View
After USD plunged to 141.66 on Monday and then bounced back, analysts predicted that downward momentum would slow down. The expected trading range was between 142.60 and 148.00. USD ended up trading between 143.60 and 146.36, closing slightly higher at 144.30 (+0.09%). Today, the forecast is for USD to continue trading within a range of 143.50 and 146.20.
1-3 Weeks View
Recent analysis shows that the weakness in USD has not stabilized. The next significant support level is at 140.80, with the current support at 148.30. As long as this strong resistance level is not breached, the USD weakness is expected to persist.
Analysis and Implications
In simple terms, the USD/JPY pair is facing some challenges with the next strong support level at 148.30. If this level is breached, the weakness in USD could continue. This could have implications for investors and traders in the forex market, potentially impacting their financial decisions and strategies. It is important to monitor these support levels and resistance levels to make informed investment choices.