The U.S. Dollar (USD) has experienced increased downward pressure against the Japanese Yen (JPY), although a breach below 145.00 remains uncertain. Analysts at UOB Group, Quek Ser Leang and Peter Chia, suggest that the current oversold condition has not yet stabilized, indicating a potential for further USD depreciation below 145.00 before a significant rebound becomes more probable.
Short-Term Outlook (24 hours): The USD is expected to encounter resistance at 146.10 and 146.65, with potential support around 145.00 and a subsequent level at 144.40.
Medium-Term Outlook (1-3 weeks): The existing view that oversold weakness in the USD has not stabilized is maintained, contingent upon the 148.50 level not being surpassed. A close below 145.00 would increase the probability of a decline towards the significant support level at 143.50.
