USDJPY Rangebound with Bearish Bias: UOB Analysts
Financial analysts at United Overseas Bank (UOB) have identified a bearish bias in the Japanese Yen's price action against the US Dollar. According to Quek Ser Leang and Lee Sue Ann, USD/JPY trading is expected to be confined within a specific range.
The 24-hour view of USD/JPY price action has been inconclusive, with trading occurring between 159.01 and 159.56. This tight range is expected to continue, with prices potentially trading between 159.00 and 159.70.
Looking ahead to the 1-3 week timeframe, UOB analysts maintain an upside bias for USD/JPY but anticipate that price movements will be contained within a narrower range of 158.00-160.20. This is in contrast to longer-term charts, which suggest the advance can extend as long as it holds above the 21-day Exponential Moving Average (EMA) near 161.00.