USD/JPY: Pace of decline may slow – OCBC

USD/JPY extended its decline as Trump tariff threats ramped up demand for safe haven proxies, including JPY, CHF and Gold. USD/JPY was last at 142.85 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Risks remain skewed to the downside

"Daily momentum turned mild bearish while RSI fell. Risks remain skewed to the downside. Next support at 142, 141.60 before 139.90 (recent low in April). Resistance at 144.40/60 levels (21 DMA, 23.6% fibo retracement of 2025 high to low) and 145.70 (50 DMA)."