USD/JPY: Likely to trade in a range between 147.00 and 147.60 – UOB Group

US Dollar (USD) is likely to trade in a range between 147.00 and 147.60. In the longer run, a narrower range of 146.20/148.50 is likely enough to contain the price movements for now, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD/JPY is likely to be rangebound for now

24-HOUR VIEW: "While we noted yesterday that 'there has been a slight increase in upward momentum,' we were of the view that 'this is likely to lead to USD trading in a higher range of 147.20/148.15.' However, USD traded in a relatively narrow range of 147.21/147.76 before settling at 147.40 (-0.18%). The price action provides no fresh clues. Today, we expect USD to trade in a range between 147.00 and 147.60."

1-3 WEEKS VIEW: "In our most recent narrative from last Friday (12 Sep, spot at 147.25), we stated that 'we continue to expect range-trading, but a narrower range of 146.20/148.50 is likely enough to contain the price movements for now.' There is no change in our view."