UOB: USDJPY Upward Momentum Limited Within Tight Range

United Overseas Bank currency strategists Quek Ser Leang and Lee Sue Ann noted that USDJPY traded between 158.82 and 159.59. They observed a slight increase in upward momentum, but said it still falls short of signaling a sustained advance.

As a result, the analysts expect intraday price action to remain confined to a tight range against the current backdrop. The bias for the Japanese yen remains bearish against the US dollar, but without enough momentum for a decisive breakout.