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Japanese Yen holds its trading range against US Dollar – UOB
A close near 157.82 left USD/JPY little changed despite volatile trading, according to UOB strategists Quek Ser Leang and Lee Sue Ann. They expect the pair to remain within narrow intraday ranges in the short term. Over a 1–3 week horizon, they see the Dollar trading in a range between 157.00 and 158.60.
Dollar expected to remain in narrow ranges
"24-HOUR VIEW: Yesterday, we held the view that USD “is likely to trade between 157.55 and 158.05.” We underestimated the volatility as USD fluctuated between 157.63 and 158.34. USD closed little changed at 157.82 (-0.08%). We are not able to derive much from the price action. Today, USD could trade between 157.70 and 158.45."
"1-3 WEEKS VIEW: We continue to hold the same view as yesterday (28 Oct, spot at 157.85). As highlighted, USD “has likely entered a range-trading phase, and for the time being, we expect it to trade between 157.00 and 158.60.”"
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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