Japanese Yen: Higher intraday band within broader range against US Dollar – UOB

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann say USD/JPY’s tone has firmed slightly after trading between 157.74 and 158.42, and they now expect a 157.90–158.55 intraday range. Over 1–3 weeks, they keep a range-trading view, with price action likely contained between 157.00 and 158.70. Longer term, they still see scope for further weakness given rising downward momentum.

Firm tone but still range-bound

"24-HOUR VIEW: After USD traded in a choppy manner last Thursday, we indicated on Friday that “the outlook for USD is unclear, and it could trade in a range of 157.50/158.50.” USD then traded between 157.74 and 158.42. The underlying tone has firmed somewhat, and today, USD could trade in a higher range of 157.90/158.55"

"1-3 WEEKS VIEW: Tracking our range-trading view in USD since early this month, we highlighted on Friday (09 Oct, spot at 158.05) that “we continue to expect USD to trade in a range, but a narrower 157.00/158.70 range is likely to contain price movements for now.” Our view remains unchanged."

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