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5 Feb 2025

USD/JPY: USD is likely to trade in a range – UOB Group

US Dollar (USD) is under mild downward pressure; it could edge lower, but any decline is unlikely to break below 153.70. In the longer run, for the time being, USD is likely to trade in a 153.70/156.70 range, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD is under mild downward pressure

24-HOUR VIEW: "Following Monday’s choppy price action, we indicated yesterday that USD 'could continue to trade in an erratic manner, probably in a range of 154.50/156.00.' We did not expect USD to drop to a low of 154.16, closing at 154.33 (-0.27%). The decline has resulted in a slight increase in downward momentum. Today, we expect USD to edge lower, but given the mild downward momentum, any decline is unlikely to break below the major support at 153.70. On the upside, a breach of 155.00 (minor resistance is at 154.70) would suggest that the mild downward pressure has faded."

1-3 WEEKS VIEW: "There is not much to our update from yesterday (04 Feb, spot at 155.20). As indicated, USD 'is likely to trade in a 153.70/156.70 range for the time being.' Looking ahead, if USD were to break and remain below 153.70, it could trigger a sustained drop."

Feb 5, 2025

Oil: Trump signing a directive to increase economic pressure on Iran – ING

There were two key factors influencing oil prices yesterday, firstly downward pressure came from China announcing retaliatory tariffs against the US, which included targeting US energy flows.
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Feb 5, 2025

USD/JPY: High achieved last week at 156.25 could cap upside – BBH

USD/JPY recently formed a lower peak near 158.85 than the one achieved last year at 162, BBH FX analysts report.
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