Japanese Yen: Higher intraday band within broader range against US Dollar – UOB

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann say USD/JPY’s tone has firmed slightly after trading between 157.74 and 158.42, and they now expect a 157.90–158.55 intraday range. Over 1–3 weeks, they keep a range-trading view, with price action likely contained between 157.00 and 158.70. Longer term, they still see scope for further weakness given rising downward momentum.

Firm tone but still range-bound

"24-HOUR VIEW: After USD traded in a choppy manner last Thursday, we indicated on Friday that “the outlook for USD is unclear, and it could trade in a range of 157.50/158.50.” USD then traded between 157.74 and 158.42. The underlying tone has firmed somewhat, and today, USD could trade in a higher range of 157.90/158.55"

"1-3 WEEKS VIEW: Tracking our range-trading view in USD since early this month, we highlighted on Friday (09 Oct, spot at 158.05) that “we continue to expect USD to trade in a range, but a narrower 157.00/158.70 range is likely to contain price movements for now.” Our view remains unchanged."