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USD/JPY trades in tight range after failing to test 162.70

The pair closed at 162.23, down 0.12%, and UOB sees 161.75 to 162.50 trading likely in the near term.

Reported · Written up by our desk · Major Pairs

USD/JPY swung within a relatively tight band but closed slightly lower after failing to reach 162.70, according to research cited by FXStreet. UOB analysts Quek Ser Leang and Lee Sue Ann said the pair moved between 161.62 and 162.47 and finished at 162.23.

FXStreet also reported that, for the 24-hour outlook, the US dollar rebounded to a high of 162.48 two days earlier and there had been room for USD to test 162.70, but that level did not materialize. Instead, the pair fluctuated between 161.62 and 162.47, ending the session down 0.12%.

In the intraday window, UOB expects USD/JPY to trade between 161.75 and 162.50. Over the next one to three weeks, the outlook remains mixed, with price action projected in a broader 160.60 to 163.00 range.

FXStreet further said the medium-term uptrend could extend if the 21-day EMA near 161.00 holds, but the day-to-day price action was described as offering no fresh clues.

Latest closeUSD/JPY 162.23 ▲0.2%

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