According to United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann, the Japanese Yen has maintained gains against the US Dollar, with USD/JPY price action described as muted and confined to a narrow range between 157.15 and 157.95. Momentum indicators are reported to be turning flat, and intraday trading is expected to remain within the 157.00 to 158.30 range [1].
Looking ahead over the next one to three weeks, UOB maintains that the risk for USD/JPY remains to the downside, targeting levels of 155.00 and 154.10, provided that the strong resistance at 160.00 is not breached. This view persists despite some slowing in downward momentum, as the USD briefly fell to 155.21 before rebounding [1].
The analysts note that the outlook remains mixed in the short term due to recent sharp swings, but emphasize that as long as the 160.00 resistance holds, the bias is for further Yen strength against the Dollar [1]. No specific market reactions or analyst opinions beyond the stated technical outlook are provided in the source article.
CONCLUSION
UOB analysts see the Japanese Yen retaining a downside bias for USD/JPY as long as the 160.00 resistance is not breached. The pair is expected to trade in a tight range in the near term, with risks skewed toward further Yen gains if key support levels are tested.