Japanese Yen: Broad range holds despite weak momentum against US Dollar – UOB
United Overseas Bank (UOB) strategist Quek Ser Leang observes USD/JPY fluctuated between 156.94 and 158.21, closing at 157.83, with intraday trading expected inside 157.10–158.10. Over 1–3 weeks, he now favours a broad consolidation between 156.35 and 158.70 rather than deeper pullbacks. On a 1–3 month horizon, however, he still flags rapid downside momentum that could drive further weakness toward the January low at 152.08.
Dollar-Yen seen consolidating within wide band
"24-HOUR VIEW: Last Thursday, USD rose to 158.45 and then closed 0.43% higher at 158.07. When USD was at 157.90 in the early Asian session, we indicated that “the upside bias has eased,” and we expected it “to trade in a range between 157.20 and 158.30.” USD subsequently rose to 158.21, but during the NY session, it briefly plunged to a low of 156.94. USD rebounded from the low to close at 157.83 (-0.15%). The price action provides no fresh clues. Today, USD could trade between 157.10 and 158.10."
"1-3 WEEKS VIEW: In our most recent narrative from last Monday (28 Sep, spot at 157.50), we highlighted that USD “could pull back further, but any decline should stay within a 156.00/158.70 range.” Aside from a brief dip to 156.35, USD has made little headway on the downside. From here, rather than pulling back further, USD is likely to trade in a range between 156.35 and 158.70."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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