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21 Jan 2025

USD/JPY: Below 154.90, the next objective is at 154.40 – UOB Group

US Dollar (USD) could break 154.90; the next major support at 154.40 is likely out of reach for now. In the longer run, USD remains weak; if it breaks below 154.90, the next objective will be at 154.40, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

USD remains weak

24-HOUR VIEW: “Last Friday, USD dropped to 154.96 and then rebounded strongly. Yesterday, when USD was at 156.20, we indicated that ‘the sharp bounce has room to extend, but overbought conditions indicate that any advance is unlikely to threaten the strong resistance at 156.70.’ USD subsequently rose to 156.58 and then pulled back, closing at 155.59 (-0.45%). It traded on a soft note in early Asian trade today, and downward momentum is building. It could break below 154.90, but the next major support at 154.40 is likely out of reach for now. Resistance levels are at 155.75 and 156.25.”

1-3 WEEKS VIEW: “In our update from last Friday (17 Jan, spot at 156.20), we indicated that USD ‘remains weak.’ We also indicated that ‘if it breaks below 154.90, the next objective will be at 154.40.’ There is no change in our view. Overall, only a breach of 156.70 (no change in ‘strong resistance’ would mean that USD weakness has stabilised.”

Jan 21, 2025

German ZEW Economic Sentiment Index declines to 10.3 in January vs. 15.3 expected

The headline German ZEW Economic Sentiment Index declined to 10.3 in January from 15.7 in December, missing the market consensus of 15.3.
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Jan 21, 2025

USD/CNH: Major support at 7.2420 is likely out of reach – UOB Group

Further US Dollar (USD) weakness is not ruled out; the major support at 7.2420 is likely out of reach for now. In the longer run, decline in USD seems excessive, but there is potential for a test of 7.2420, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
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