USD/JPY under pressure amid tariff jitters – OCBC

FXStreetApr 16, 2025 10:00 AM

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USD/JPY continues to trade with a bearish tilt as tariff uncertainty and questions over the dollar’s safe-haven role persist. With FX talks between U.S. and Japanese officials on the horizon and Tokyo signaling it won’t tolerate yen weakness, the downside bias remains intact—though oversold conditions may spark short-term rebounds, OCBC's FX analysts Frances Cheung and Christopher Wong note.

USD/JPY under pressure amid tariff jitters

"USD/JPY continue to trade with a heavy bias amid tariff uncertainty and growing doubts over USD’s status as a safe haven/ primary reserve currency. This week, there was also confirmation that US Treasury secretary Bessent and Japan’s Minister of Finance Kato will discuss FX matters. Kato also said that a weak JPY won’t be tolerated when the nation needs to hold trade talks with US."

"Bias remains to sell rallies for USD/JPY. Pair was last at 142.76 levels. Daily momentum is bearish but decline in RSI moderated. Bias remains skewed to the downside but cautious of USD/JPY near oversold conditions. Rebound risk not ruled out but bias to fade. Resistance at 144.10, 145 levels. Support at 142 (recent low) before 141.60, and 140 levels."

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