USD/JPY: Supported on the daily charts – OCBC

FXStreetJul 28, 2025 9:50 AM

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USD/JPY continued to build on momentum to trade higher. Last at 148.36 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Slight upside risks ahead

"Daily momentum is flat while RSI rose. Slight upside risks ahead. Resistance at 149.40/70 levels (200 DMA, 50% fibo retracement of 2025 high to low). Support at 146.60 (21 DMA), 145.30 (50 DMA)."

"While political uncertainty (referring to PM Ishiba’s political career), credit rating concerns (dependent on fiscal health) and carry play is supportive of USD/JPY, 'sell USD' trade can also overwhelm (when USD decline resumes)."

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