USD/JPY Rangebound Between 153.30-156.30

UOB's analysts Quek Ser Leang and Lee Sue Ann predict that the USD/JPY pair will continue to edge higher over the next 1-3 weeks, but remain confined within a broad range of 153.30-156.30.

The pair has extended its rebound to around 155.08, with modest upward momentum suggesting scope for a test above 155.50, while 156.30 remains a distant cap.

On the downside, a break below 154.40 would indicate that USD has likely entered a range-trading phase, according to the analysts.