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Forex

USD/JPY Muted with Risk Remains Downside on Strong Resistance

Guavy AI Editorial Team
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JPY
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According to United Overseas Bank's (UOB) analysts Quek Ser Leang and Lee Sue Ann, the USD/JPY price action has been muted. The pair has been confined to a narrow range of 157.15-157.95, with momentum indicators turning flat.

The analysts expect intraday trading between 157.00 and 158.30 over the next day. However, they maintain that over the next 1-3 weeks, the risk remains to the downside towards 155.00 and 154.10, provided the strong resistance at 160.00 is not breached.

In their previous narrative from Monday (03 Aug), the analysts highlighted that 'the risk for USD remains firmly on the downside.' Although USD fell briefly to 155.21, it has since rebounded, with downward momentum slowing somewhat.

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