Japanese Yen under pressure as geopolitical risks support the US Dollar
USD/JPY trades around 159.30 on Tuesday at the time of writing, up 0.15% on the day.
United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann have described USD/JPY as currently in a range-trading phase, with a slight upward bias keeping the pair within a narrower intraday range of 158.80-159.45. After an earlier downside bias faded, the analysts now see the pair oscillating between 157.90 and 159.80 over the next 1-3 weeks, rather than continuing to decline.
In the past 24 hours, USD traded between 158.33 and 159.13, closing at 158.93, down 0.08%. The analysts noted that USD’s price action offered no new clues, stating that it could trade between 158.55 and 159.30. However, the firmer tone of USD suggests it may trade in a higher range of 158.80-159.45 today.
Over the past 1-3 weeks, UOB revised its USD view to slightly negative on 20 August, when the USD was at 158.30. They highlighted that downward momentum was starting to build, but insufficient for a sustained decline. Any decline would be contained within a 156.60-159.60 range. Since then, USD has traded mostly in a range, and the upward momentum has faded. Now, the analysts believe USD is more likely to trade between 157.90 and 159.80.
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