Forex experts at UOB Group, including Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia, have identified a bullish trend in the USD/JPY currency pair, with upward momentum targeting the 134.80 level.

In their 24-hour view, the UOB Group expected the USD to strengthen further, but warned that “in view of the overbought conditions, the major resistance level at 134.80 could be out of reach today.” While the USD did strengthen as predicted, it did not reach 134.80, peaking instead at 134.57. The group’s analysis suggests that the upward momentum in USD/JPY is fading and that the currency is unlikely to rise significantly higher. In the short term, they predict that the USD will trade sideways, likely within a range of 133.80 and 134.80, with a clear break above 134.80 seen as unlikely.

Looking ahead to the next 1-3 weeks, the experts at UOB Group continue to see an upward bias for the USD/JPY currency pair, predicting a move towards the 134.80 level, with further gains expected if this level is broken. The next resistance above 134.80 is at 135.50. The experts caution that a breach of the “strong support” level at 133.00 would suggest that the upward bias has eased.

As a Forex trader, it’s important to stay abreast of market trends and analysis to make informed decisions. With the USD/JPY currency pair showing a bullish trend towards 134.80, traders should remain vigilant and adjust their strategies accordingly.

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