USD/JPY: Sideways trade with upside risk capped – UOB

FXStreetApr 21, 2026 7:37 AM

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United Overseas Bank’s (UOB) strategists Quek Ser Leang and Lee Sue Ann expect USD/JPY to remain range-bound after recent volatility. For the day, the pair is seen between 158.50 and 159.20, with flat momentum indicators. Over 1–3 weeks, UOB projects a 157.55–160.50 band.

Dollar-Yen volatility gives way to consolidation

"24-HOUR VIEW: USD traded in a volatile manner last Friday and early yesterday. When it was at 159.10, we indicated that “the outlook is unclear after the volatile swings.” We also indicated that USD “could trade between 158.20 and 159.60.” USD subsequently traded between 158.54 and 159.20, closing modestly higher by 0.11% at 158.79. Momentum indicators are mostly flat, and we expect USD to trade between 158.50 and 159.20 today."

"1-3 WEEKS VIEW: After the volatile trade last Friday, we indicated yesterday (20 Apr, spot at 159.10) “we are not able to derive much from the volatile price action.” We also indicated that “for the time being, USD could trade between 157.55 and 160.50.” There is no change in our view."

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

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