Japanese Yen: Sideways trade within tight band – UOB

UOB’s Quek Ser Leang reports that USD/JPY was little changed around 160.30, with recent price action offering no fresh directional clues. The bank expects intraday consolidation between 159.90 and 160.50, while the 1–3 week outlook remains for range trading between 159.40 and 160.70, even as longer-term charts still allow for a test of 161.15.

Dollar-Yen stuck in consolidation range

"Yesterday, we indicated that USD “could trade between 159.70 and 160.35.” USD subsequently traded within a slightly higher range of 159.72/160.39, closing little changed at 160.32 (+0.07%)."

"The price action provides no fresh clues. Today, USD could trade between 159.90 and 160.50."

"We continue to hold the same view as last Friday (12 Jun, spot at 160.10). As highlighted, “for the time being, USD is likely to trade in a range between 159.40 and 160.70.”"

"Despite lacklustre momentum, there is scope for USD/JPY to test the top of the rising wedge near 161.15."

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