Japanese Yen: Is the bias bullish within the 157.00–159.00 range against US Dollar? – UOB

USD/JPY faces a bearish intraday bias following a volatile session, with United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlighting a modest increase in downward momentum. Their outlook points to a move towards 157.20 and a possible test of major support at 157.00, while resistance stands at 158.10 and 158.30. For the next 1–3 weeks, they continue to expect the pair to trade within a broad 157.00–159.00 range.

Can the yen extend gains as USD/JPY edges towards the lower end of its range?

"24-HOUR VIEW: USD swung between 157.39 and 158.74 two days ago. Yesterday, we stated that “we are not able to derive much from the price action.” We also indicated that USD “could trade between 157.70 and 158.70.” USD subsequently rose to 158.49, fell sharply to 157.52 before closing on a soft note at 157.66 (-0.48%). There has been an increase in downward momentum, albeit not significantly. Today, we expect USD to trade with a downside bias to 157.20 and potentially test the major support at 157.00. Resistance is at 158.10, followed by 158.30."

"1-3 WEEKS VIEW: We have been expecting USD to range-trade since the middle of last week. Two days ago (04 Nov, spot at 158.25), we indicated that that “we continue to expect range-trading, but we now expect a wider range of 157.00/159.00.” Our view remains unchanged"

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)