Japanese Yen: Range trading persists against US Dollar – UOB

UOB strategists Quek Ser Leang and Lee Sue Ann note that USD/JPY price action has been volatile but ultimately little changed, with the pair closing near 157.82. Their short-term view is for USD/JPY to stay confined within tight intraday ranges, while over the 1–3 week horizon they expect the Dollar to trade between 157.00 and 158.60 in a range-trading phase.

Dollar seen locked in tight ranges

"24-HOUR VIEW: Yesterday, we held the view that USD “is likely to trade between 157.55 and 158.05.” We underestimated the volatility as USD fluctuated between 157.63 and 158.34. USD closed little changed at 157.82 (-0.08%). We are not able to derive much from the price action. Today, USD could trade between 157.70 and 158.45."

"1-3 WEEKS VIEW: We continue to hold the same view as yesterday (28 Oct, spot at 157.85). As highlighted, USD “has likely entered a range-trading phase, and for the time being, we expect it to trade between 157.00 and 158.60.”"

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