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Forex

USD/JPY Range Trade Unfolds as Analysts Shift to Neutral Outlook

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 exchange rate is currently in a range-trading phase.

The pair has been oscillating between 157.90 and 159.80, with a slightly firmer tone keeping it within the higher intraday band of 158.80-159.45.

This change in outlook comes after their earlier prediction that the USD would edge lower due to building downward momentum was revised last Thursday (20 Aug) when the spot rate was at 158.30.

However, as the analysts noted, 'downward momentum is starting to build, but it is insufficient for a sustained decline.'

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