Japanese Yen: Bullish bias within broad range against US Dollar – UOB
United Overseas Bank’s Quek Ser Leang and Lee Sue Ann highlight that USD/JPY dropped sharply to around 158.00, eroding the previous upside bias.
United Overseas Bank analysts Quek Ser Leang and Lee Sue Ann have noted a sharp drop in the USD/JPY exchange rate to around 158.00, which has diminished the previous bullish sentiment. They anticipate the pair to slightly decline, but believe this movement will remain within a wider range of 156.60–159.60 over the next few days, with intraday fluctuations possibly limited to 157.70–158.70.
The sharp decline in the USD appears to be overdone, and while it could potentially fall below 158.00, any drop is likely to stay within the range of 157.70–158.70 rather than a sustained bearish trend.
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