The Japanese yen is trading in a defined range against the US dollar between 157.90 and 159.80, according to strategists from United Overseas Bank. UOB analysts Quek Ser Leang and Lee Sue Ann note that USD/JPY has entered a range-trading phase with a marginally firmer bias, pushing the pair into a higher intraday band of 158.80 to 159.45.
The assessment suggests limited directional momentum for the currency pair in the near term, with trading activity confined within established technical boundaries. This range-bound behavior indicates consolidation after recent volatility, with neither buyers nor sellers gaining decisive control. Traders should monitor whether the pair can break above or below these key levels to signal the next directional move.
FXnCO Insight
Forex traders should prepare range-trading strategies for USD/JPY, setting profit targets near 159.45 resistance and stop-losses beyond 157.90 support until a decisive breakout occurs.
Source: FXStreet