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USD/JPY holds in a broad range as downside risks persist

UOB expects USD/JPY to trade inside 157.10 to 158.10 in the near term, while a 1 to 3 month window could still see weakness toward the January low at 152.08.

Reported · Written up by our desk · Major Pairs

FXStreet reports United Overseas Bank strategist Quek Ser Leang said USD/JPY has been moving in a wider range despite weak momentum against the US dollar, with the pair fluctuating between 156.94 and 158.21 and closing at 157.83.

For the next 24 hours, the strategist expects USD/JPY to trade between 157.10 and 158.10, noting that the price action offers no new clues for direction.

Over the next 1 to 3 weeks, he favors broad consolidation, targeting a range of 156.35 to 158.70 rather than deeper pullbacks.

Looking further out to the 1 to 3 month horizon, UOB still flags rapid downside momentum that could push the pair lower toward the January low at 152.08.

Latest closeUSD/JPY 157.84 ▼0.3%

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