Japanese Yen: Trades in a narrow range against US Dollar – UOB

FXStreetOct 21, 2026 11:54 AM

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UOB strategists Quek Ser Leang and Lee Sue Ann note that USD/JPY slipped modestly as the Japanese Yen (JPY) strengthened, with intraday price action confined to a narrow band. They see the pair locked in a short-term range between nearby support and resistance, while the 1–3 month view warns that rapid downward momentum could drive further weakness, though reaching the January low remains uncertain.

Dollar-Yen stuck in band, medium-term risk lower

"24-HOUR VIEW: We expected USD to “edge higher to 158.80” yesterday. However, after rising to a high of 158.59, USD declined sharply to a low of 157.81 before rebounding to close at 158.16 (-0.20%). There has been no shift in directional momentum, and today, USD is likely to range-trade between 157.90 and 158.65."

"1-3 WEEKS VIEW: In our most recent narrative from last Wednesday (14 Oct, spot at 158.35), we highlighted that USD “has likely moved into a range-trading phase between 157.50 and 159.05.” Since then, USD has traded within the range, and there is no change in our view."

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