United Overseas Bank’s Quek Ser Leang and Lee Sue Ann report USD/JPY fluctuated between 161.62 and 162.47, closing slightly lower at 162.23 after failing to test 162.70. Intraday, the pair is seen trading between 161.75 and 162.50. Over 1-3 weeks, the outlook remains mixed, with price action expected between 160.60 and 163.00, while medium-term, the uptrend can extend if the 21-day EMA at 161.00 holds.

Dollar-Yen stays directionless in range

"24-HOUR VIEW: USD rebounded to a high of 162.48 two days ago. Yesterday, we pointed out that “although upward momentum has not increased significantly, there is room for USD to test 162.70 today.” However, USD did not test 162.70 as it fluctuated between 161.62 and 162.47, closing modestly lower by 0.12% at 162.23. The price action provides no fresh clues, and today, USD could trade in a range between 161.75 and 162.50."

"1-3 WEEKS VIEW: We have the same view since last Tuesday (07 Jul, spot at 162.10), when we indicated that “the outlook for USD is mixed,” and it could “trade between the two major levels of 160.60 and 163.00.” Our view remains unchanged."

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