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UOB’s Quek Ser Leang and Lee Sue Ann observe USD/JPY consolidating near 159.25 after Monday’s sharp rise, with intraday trade expected between 158.95 and 159.60. While momentum is strong, deeply overbought conditions limit upside beyond 159.60. Over the next 1–3 weeks, the bias remains tilted to the upside within a broader 157.00–160.20 range, with medium-term gains contingent on holding above the 21‑day EMA.
Dollar-Yen holds in elevated range
“24-HOUR VIEW: Following the sharp rise in USD on Monday, we highlighted the following yesterday: “Strong momentum suggests USD could continue to rise, but given the deeply overbought conditions, any advance is likely to stay within a 158.60/159.60 range. In other words, USD is unlikely to break clearly above 159.60.” We did not expect USD to trade in a quiet manner between 158.92 and 159.38. The price action provides no fresh clues. Today, USD could trade between 158.95 and 159.60.”
“1-3 WEEKS VIEW: Our update from yesterday (11 Aug, spot at 159.20) remains valid. As highlighted, “while the bias for USD is tilted to the upside, any advance is likely part of a higher range of 157.00/160.20.””
