USD/JPY Range-Bound Trading Expected to Continue
Japanese Yen has been experiencing range-bound trading against the US Dollar, according to analysts at United Overseas Bank (UOB). In their 24-hour view, they expect the USD/JPY pair to fluctuate between 158.95 and 159.50, with little change in price action over the past two days.
The UOB analysts note that despite recent narrow ranges and little-changed closes, the price action suggests a range-trading phase for the USD/JPY pair. They also mention that if key support holds, further gains could be seen in the 1-3 month view.
In their 1-3 week view, UOB analysts expect the pair to stay confined between 157.90 and 159.80. This outlook is consistent with their previous update on August 25, where they highlighted a range of 157.90 to 159.80 for the USD/JPY pair.