Forex
UOB Sees USD/JPY Rangebound Within 158.00-160.20
Financial analysts at United Overseas Bank (UOB) have provided their assessment of the Japanese Yen's (USD/JPY) price action against the US Dollar. According to Quek Ser Leang and Lee Sue Ann, the pair's trading has been inconclusive over the past day, with prices largely unchanged within a tight 159.01-159.56 range.
The analysts expect USD/JPY to trade between 159.00 and 159.70 in the short term, but maintain an upside bias for the pair over 1-3 weeks. They foresee the price confined within a narrower 158.00-160.20 range during this period.
Longer-term charts suggest that as long as USD/JPY holds above its 21-day Exponential Moving Average (EMA) near 161.00, the advance can extend further.