United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann report that USD/JPY remains in a range near recent highs, with intraday trading expected between 161.40 and 161.90 after a 161.46–161.83 session. They keep a positive 1–3 week outlook, looking for a move toward the 2024 high at 162.00 while 161.10 is flagged as strong support for the uptrend.

Range trade within broader uptrend

"24-HOUR VIEW: When USD was at 161.60 yesterday, we highlighted the following: “The price movements appear to be part of a range-trading phase. Today, USD could trade between 161.20 and 161.80.” USD subsequently traded between 161.46 and 161.83. The price action provides no fresh clues, and today, we expect USD to trade between 161.40 and 161.90."

"1-3 WEEKS VIEW: We have held a positive USD view since last Thursday. In our most recent narrative from Friday (19 Jun, spot at 161.25), we indicated that USD “could rise to the 2024 high of 162.00.” We will continue to hold this view as long as 161.10 (‘strong support’ level previously at 160.90) is not breached."

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