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12 Feb 2025

USD/JPY: Still watching out for reciprocal tariffs – OCBC

USD/JPY continued to trade higher, in line with our near-term caution about the reciprocal tariff uncertainty. USD/JPY was last seen at 153.45 levels, UOB Group's FX analysts Quek Ser Leang and Peter Chia note. 

Rebound risks likely in the interim

"Bearish momentum on daily chart intact but shows signs of fading while RSI is turning higher from near oversold conditions. Rebound risks likely in the interim. Resistance at 155.20 levels (50 DMA). Support at 152.70/80 levels (100, 200 DMAs), 151.50 (38.2% fibo retracement of Sep low to Jan high), 150 levels." 

"As a recap, Trump mentioned that reciprocal tariff will be applied on all nations, and we believe Japan may not be spared. When it comes to automobile, Japanese cars are amongst the top 5 most popular in US and Korean cars are on the top 10 list. On agricultural products, Japan has a high tariff rate of 204.3% for rice and 23.3% for meat." 

"The risk is a direct tariff hit on Japanese goods and JPY may come under pressure in this scenario."

Feb 12, 2025

USD/CNH: Outlook remains mixed – UOB Group

US Dollar (USD) is expected to trade in a range between 7.3000 and 7.3200.
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Feb 12, 2025

Gold: To grow ongoing global trade uncertainty – OCBC

Recent breakout in Gold prices towards 2942 intra-day high was due to recent play-up on trade friction and central banks keeping up with their Gold purchases (China for 3 rd consecutive month).
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