UOB Sees Yen Strengthening Within Broad USD/JPY Range

UOB Group's FX strategists maintain a bullish bias on the Japanese yen against the US dollar, expecting USD/JPY to trade within a broad range in the near term.

The bank's technical analysis suggests that while the yen is expected to strengthen, this movement will be part of a broader consolidation phase rather than a clear breakout.

The strategists note that the bullish bias persists, but the pair is likely to remain confined within a defined range in the coming sessions, with the exact range parameters not specified.

UOB's view comes amid ongoing speculation about the timing of further policy normalization by the Bank of Japan, which could influence the yen's trajectory.