Japanese Yen: Bearish bias within 158.00–160.20 band against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann judge USD/JPY price action as inconclusive intraday, with trading expected between 159.00 and 159.70 after a tight 159.01–159.56 range.
UOB analysts Quek Ser Leang and Lee Sue Ann describe USD/JPY price action as inconclusive, expecting trading to occur between 159.00 and 159.70 after a tight range of 159.01–159.56. They maintain an upside bias over the next 1-3 weeks, predicting the pair will remain within the narrower range of 158.00–160.20. Longer-term charts indicate the pair's advance could continue as long as it stays above the 21-day EMA near 161.00.
After a brief review of the USD price action on Wednesday, UOB concluded they could not derive much insight from the price movement. Today, they expect USD to trade within a similar range of 159.00–159.70.
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