UOB Sees USD/JPY Trapped in Narrow Range
According to United Overseas Bank's (UOB) analysts Quek Ser Leang and Lee Sue Ann, the US Dollar (USD)/Japanese Yen (JPY) exchange rate has been trading in a narrow band around 159.35. Although there has been a slight increase in upward momentum, they expect this to translate into a higher range of 159.15/159.65 rather than a sustained advance.
As stated by Quek Ser Leang and Lee Sue Ann, USD/JPY held within the range of 159.10/159.52 on the previous day, closing little changed at 159.39 (+0.06%). This uptick in momentum is expected to lead to a higher trading range.
The analysts maintain their neutral stance, looking for range-bound price action between 157.90 and 159.80 over the coming weeks. They continue to hold this view despite USD's quiet trading in recent days.