Japanese Yen: Range trading persists against US Dollar – UOB
United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann note that USD/JPY remains stuck in a tight range, with intraday expectations for the Dollar to trade between 157.45 and 158.20. Their 1–3 week outlook keeps USD/JPY confined between 157.00 and 158.60, while the 1–3 month view points to further weakness, though a retest of the January low at 152.08 is uncertain.
Dollar seen confined in tight ranges
"24-HOUR VIEW: We indicated yesterday that USD “could trade between 157.60 and 158.20.” USD then traded within a relatively narrow range of 157.43 and 157.99. The price action provides no fresh clues. Today, USD could trade between 157.45 and 158.20."
"1-3 WEEKS VIEW: We have been holding the same view since last Wednesday (28 Oct, spot at 157.85), when we highlighted that USD “has likely entered a range-trading phase, and for the time being, we expect it to trade between 157.00 and 158.60.” We continue to hold the same view."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)