United Overseas Bank’s (UOB) Quek Ser Leang observes that USD/JPY price action remains choppy, with the pair closing around 159.30 after a dip to 158.58. Intraday direction is unclear, with trading expected between 158.80 and 159.60. Over 1–3 weeks, the bias stays tilted to the upside, but gains are seen constrained within a 158.00–160.20 range.
USD/JPY stays rangebound around 159.00
“24-HOUR VIEW: After USD closed largely unchanged at 159.48 (+0.04%) last Thursday, we indicated the following: “We are still unable to derive much from the price action. Today, USD could trade between 159.00 and 159.70.” USD subsequently dropped to a low of 158.58 before snapping back up to close at 159.30 (-0.11%). The outlook remains unclear for now. Today, USD could trade between 158.80 and 159.60.”
“1-3 WEEKS VIEW: Last Tuesday (11 Aug, spot at 159.20), we highlighted that “while the bias for USD is tilted to the upside, any advance is likely part of a higher range of 157.00/160.20.” On Friday (14 Aug, spot at 159.40), we highlighted the following: “While USD has been unable to make much headway on the upside, the underlying tone still appears to be firm, and the bias remains tilted to the upside. That said, a narrower range of 158.00/160.20 is likely enough to contain the price movements for now.” There is no change in our view.”
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
