Japanese Yen: Bearish bias within tight range against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note USD/JPY’s slight increase in upward momentum after trading between 158.82 and 159.59 still falls short of signaling a sustained advance, keeping intraday price action likely confined to 159.00–159.80.
UOB analysts Quek Ser Leang and Lee Sue Ann state that USD/JPY's slight uptick in momentum after fluctuating between 158.82 and 159.59 still does not indicate a strong upward trend. Consequently, intraday price activity is anticipated to remain within the 159.00–159.80 range. For the subsequent 1–3 weeks, the bullish bias persists, with a potential price movement confined to the 158.00–160.20 range.
Yesterday, they mentioned that "the outlook is unclear, and USD could trade between 158.80 and 159.60." Subsequently, USD oscillated between 158.82 and 159.59, concluding at 159.43, reflecting a marginal gain of 0.08%. Presently, USD may rise further, yet it is probable to stay within the 159.00/159.80 interval.
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