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USD/JPY seen trading in a tight range as momentum turns flat

UOB expects USD/JPY to move between 157.0 and 158.3 intraday, with downside risks toward 155.00 and 154.10 over 1 to 3 weeks if 160.00 resistance is not broken.

Reported · Written up by our desk · Major Pairs

United Overseas Bank analysts Quek Ser Leang and Lee Sue Ann said USD/JPY price action is muted, with the pair trading in a relatively narrow 157.15 to 157.95 range and momentum shifting to flat.

They expect USD/JPY to stay in an intraday range of 157.00 to 158.30, while noting the recent outlook remains mixed after sharp moves.

Looking ahead 1 to 3 weeks, UOB said the risk stays tilted to the downside, targeting 155.00 and 154.10, provided strong resistance at 160.00 is not breached. The analysts also pointed to slowing in downward momentum after USD briefly fell to 155.21 before rebounding.

Latest closeUSD/JPY 157.75 ▲0.1%

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