The current price movements in Japanese Yen (JPY) are likely part of a range-trading phase between 147.35 and 148.20. In the longer run, USD has likely moved back into a range-trading phase between 146.50 and 148.80, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD has likely moved back into a range-trading phase

24-HOUR VIEW: "USD rose sharply to a high of 147.98 two days ago. Yesterday, we held the view that 'the sharp rise has scope to test 148.30.' We were also of the view that 'the major resistance at 148.80 is unlikely to be tested.' The subsequent price action did not quite turn out as we expected. USD rose to 148.11, dropped to 147.43, and then closed at 147.66 (-0.14%). The current price movements are likely part of a range-trading phase, most likely between 147.35 and 148.20."

1-3 WEEKS VIEW: "We continue to hold the same view as last Friday (15 Aug, spot at 147.15). As highlighted, USD has likely moved back into a range-trading phase, probably between 146.50 and 148.80."