Japanese Yen: Bearish bias against US Dollar within higher range – UOB

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note USD/JPY closed little changed at 159.41 after briefly dipping to 158.58 and rebounding to 159.54. Intraday, the pair is expected to trade between 158.70 and 159.70. Over 1–3 weeks, they keep an upside-tilted bias, viewing any advance as part of a broader 157.00–160.20 range rather than a fresh trend.

Dollar-Yen holds firm but capped in range

"24-HOUR VIEW: Yesterday, we stated that USD “could trade between 158.95 and 159.60.” However, USD briefly declined to 158.58 and then bounced to a high of 159.54. USD closed little changed at 159.41 (+0.09%). We are not able to derive much from the price action. Today, USD could trade between 158.70 and 159.70."

"1-3 WEEKS VIEW: Our most recent narrative was from Tuesday (11 Aug, spot at 159.20), when we highlighted that “while the bias for USD is tilted to the upside, any advance is likely part of a higher range of 157.00/160.20.” Although USD traded in a relatively quiet manner over the past couple of 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.)