USD/JPY: Likely to trade in a range of 157.90/158.80 – UOB Group

US Dollar (USD) is likely to trade in a range of 157.90/158.80. 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 Lee Sue Ann note.

SD appears to have entered a consolidation phase

24-HOUR VIEW: "Yesterday, we were of the view that USD 'is likely to trade in a range between 157.60 and 158.60'. USD then dipped to 157.73, rebounded to 158.53 before closing largely unchanged at 158.25 (+0.06%). The price action has resulted in a slight increase in upward momentum, but instead of a continued advance, USD is more likely to trade in a higher range of 157.90/158.80."

1-3 WEEKS VIEW: "We continue to hold the same view as yesterday (21 Jan, spot at 158.15). As stated, USD 'appears to have entered a consolidation phase', and for the time being, USD 'is likely to trade between 157.10 and 159.10'."