UOB flags bearish yen bias as USD/JPY holds elevated range
UOB analysts see the Japanese yen with a bearish bias against the US dollar, with USD/JPY staying rangebound at elevated levels after closing near 159.41.
USDJPY
United Overseas Bank analysts Quek Ser Leang and Lee Sue Ann noted that USD/JPY closed little changed at 159.41 after briefly dipping to 158.58 and rebounding to 159.54.
They maintain a bearish bias on the Japanese yen against the US dollar within a higher range. Intraday, the pair is expected to trade between 158.70 and an upper level that was not fully specified in the update.
The commentary points to continued elevated trading in USD/JPY, with support near 158.70.
Source: FXStreet Forex News