Japanese Yen: Bearish bias against US Dollar within higher range – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note USD/JPY closed little changed at 159.41 after briefly dipping to 158.58 and rebounding to 159.54. Intraday, the pair is expected to trade between 158.70 and 159.70.
UOB analysts Quek Ser Leang and Lee Sue Ann suggest USD/JPY will remain within a narrow 158.70-159.70 range over the next 1-3 weeks, with a slight bias towards the upside. This outlook contrasts with the 24-hour view that the pair closed little changed at 159.41 (+0.09%) after briefly touching 158.58 and 159.54. While the analysts acknowledge that the bias for USD is tilted to the upside, they caution that any advance in the short term is likely part of the broader 157.00-160.20 range rather than the start of a new trend.
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