Japanese Yen: Range-bound trading outlook against US Dollar – UOB
United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann describe USD/JPY as remaining in a range-trading phase. For the 24-hour view they see the Dollar fluctuating between 158.95 and 159.50 after recent narrow ranges and little-changed closes.
United Overseas Bank (UOB) analysts forecast a range-bound trading outlook for the USD/JPY currency pair against the US Dollar. In the short term, they expect USD/JPY to fluctuate between 158.95 and 159.50 over a 24-hour period. Looking ahead to the 1-3 week horizon, analysts anticipate USD/JPY to remain confined between 157.90 and 159.80. Over the 1-3 month period, there is potential for further gains if key support levels hold.
Recent price action suggests the currency pair is currently in a range-trading phase, as USD traded within a range of 158.59/159.28 on Monday and closed at 159.08 (+0.09%) - slightly up from the previous day's close. Yesterday, UOB analysts indicated that "the price action appears to be part of a range-trading phase, but the firmer underlying tone suggests USD is likely to trade in a higher range of 158.80/159.45 today."
However, USD continued to trade between 158.99 and 159.48, closing at 159.16 (+0.05%). Today, the analysts predict USD could trade between 158.95 and 159.50.
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