USD is likely to trade in a range between 157.60 and 158.60. In the longer run, USD appears to have entered a consolidation phase between 157.10 and 159.10, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD/JPY appears to have entered a consolidation phase

24-HOUR VIEW: "USD fluctuated between 157.46 and 158.60 yesterday, closing largely unchanged at 158.15 (+0.03%). We are not able to derive much from the price action. Today, USD could continue to trade in a range between 157.60 and 158.60."

1-3 WEEKS VIEW: "While USD rose and reached a high of 159.45 last week, it pulled back sharply this week. The immediate upward pressure has faded, and USD appears to have entered a consolidation phase. For the time being, we expect USD to trade between 157.10 and 159.10."