Japanese Yen: Medium-term upside risk against US Dollar as range trading persists – UOB

157.90 to 158.50 is the expected intraday range for USD/JPY. United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann anticipate continued narrow trading after recent range-bound moves. For the next one to three weeks, they forecast a slightly tighter corridor of 157.70–158.80. In contrast, their 1–3 month assessment points to rapidly strengthening downward momentum and further potential weakness. Whether the January low of 152.08 will be tested remains unclear.

157.90–158.50: Dollar Yen Faces Narrow Trading Range

"24-HOUR VIEW: We indicated yesterday that USD “is likely to range-trade between 157.90 and 158.65.” USD subsequently rose to 158.39, dipped to 157.82, and then rebounded to close largely unchanged at 158.13 (-0.02%). The price action still appears to be part of a range-trading phase. Today, we expect USD to trade between 157.90 and 158.50."

"1-3 WEEKS VIEW: In our most recent narrative from last Wednesday (14 Oct, spot at 158.35), we highlighted that USD “has likely moved into a range-trading phase between 157.50 and 159.05.” We continue to expect range-trading, but a narrower range of 157.70/158.80 is likely sufficient to hold the price movements for now."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)