UOB Sees USD/JPY Trapped Within Narrow Trading Range
Japanese Yen's price action against the US Dollar remains range-bound according to United Overseas Bank's (UOB) analysts. In a recent report, Quek Ser Leang and Lee Sue Ann noted that USD/JPY has been trading within a narrow band around 159.35, with a slight increase in upward momentum.
This uptick is expected to lead to a higher range of 159.15-159.65, rather than a sustained advance, the analysts said. They maintain a neutral stance for the coming weeks, looking for price action within this established range.
The price band predicted by UOB ranges from 157.90 to 159.80, as highlighted in their previous narrative on August 25th when USD/JPY was trading at 159.15. Despite a quiet few days for the currency pair, the analysts continue to hold this view for now.