Japanese Yen: Range trading remains intact against US Dollar – UOB

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note USD/JPY held in a narrow band around 159.35, with a slight uptick in upward momentum. They expect this to translate into trading between 159.15 and 159.65 rather than a sustained advance. Over the coming weeks, they maintain a neutral stance, looking for range-bound price action between 157.90 and 159.80.

Dollar-Yen seen confined to broad band

"24-HOUR VIEW: Yesterday, USD traded within a range of 159.10/159.52, closing little changed at 159.39 (+0.06%). Although there has been a slight increase in upward momentum, this is likely to lead to a higher range of 159.15/159.65 rather than a continued advance."

"1-3 WEEKS VIEW: Our most recent narrative was from Tuesday (25 Aug, spot at 159.15), when we highlighted that USD “is likely to trade in a range between 157.90 and 159.80.” Although USD traded in a quiet manner over the past few days, we continue to hold the same view for now."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)