Japanese Yen: Upside risk while stuck in range against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight USD/JPY traded quietly between 157.27 and 157.87, closing at 157.74, with intraday momentum indicators flat. The pair is expected to stay in a 157.30–158.20 band near term.
Bank of Japan: Upside potential as Yen remains in trading range against US Dollar – UOB
United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann note that the USD/JPY pair has been trading within a tight range of 157.27 to 157.87, closing at 157.74, with flat momentum indicators. The analysts expect the pair to remain within the 157.30-158.20 band in the near term. Over a one to three-week horizon, they maintain that downside risk exists towards 155.00 and 154.10 levels if strong resistance at 160.00 is not broken.
Yesterday, the analysts observed that momentum indicators were turning flat and USD could trade between 157.00 and 158.30. Today, USD traded within a narrower range (157.27/157.87), closing slightly higher at 157.74, with momentum indicators remaining flat. The analysts will continue to hold this view unless the "strong resistance" level at 160.00 is breached.
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