Japanese Yen: Range-bound with mild upside against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang notes USD/JPY at 159.00 rebounded sharply from 158.00, but now looks set to trade between 158.50 and 159.35 intraday.
United Overseas Bank's (UOB) Quek Ser Leang reported that the US dollar (USD) to Japanese yen (JPY) exchange rate, USD/JPY, traded around 159.00, rebounding from 158.00. He forecasts the pair to trade within a range of 158.50 to 159.35 over the next 1-3 weeks, although he maintains a slightly negative outlook for the next 3-6 weeks, anticipating a dip within a range of 156.60 to 159.60.
USD experienced a sharp decline to 158.03, but this decline seemed overdone and may now be contained within a range of 157.70 to 158.70. The subsequent rebound to 159.05 appears overextended, and USD is more likely to remain within the anticipated range.
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