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Japanese Yen: Trading against US Dollar remains range-bound – UOB
Tight intraday ranges are expected to contain USD/JPY in the short term, according to UOB strategists Quek Ser Leang and Lee Sue Ann, despite volatile trading that left the pair little changed near 157.82 at the close. For the 1–3 week horizon, they anticipate a range-trading phase, with the Dollar moving between 157.00 and 158.60.
Will the Dollar Remain Confined to Tight Ranges?
"24-HOUR VIEW: Yesterday, we held the view that USD “is likely to trade between 157.55 and 158.05.” We underestimated the volatility as USD fluctuated between 157.63 and 158.34. USD closed little changed at 157.82 (-0.08%). We are not able to derive much from the price action. Today, USD could trade between 157.70 and 158.45."
"1-3 WEEKS VIEW: We continue to hold the same view as yesterday (28 Oct, spot at 157.85). As highlighted, USD “has likely entered a range-trading phase, and for the time being, we expect it to trade between 157.00 and 158.60.”"
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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