Japanese Yen: Range trading with upside medium term risk against US Dollar – UOB

FXStreetOct 22, 2026 7:01 AM

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United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann see USD/JPY confined to a narrow intraday band between 157.90 and 158.50 as recent moves remain range-bound. Over one to three weeks they expect a slightly tighter 157.70–158.80 corridor to contain price action. Their 1–3 month outlook, however, highlights a rapid build-up in downward momentum, suggesting further weakness, though it is unclear if the January low at 152.08 will be tested.

Dollar Yen stuck in tight corridor

"24-HOUR VIEW: We indicated yesterday that USD “is likely to range-trade between 157.90 and 158.65.” USD subsequently rose to 158.39, dipped to 157.82, and then rebounded to close largely unchanged at 158.13 (-0.02%). The price action still appears to be part of a range-trading phase. Today, we expect USD to trade between 157.90 and 158.50."

"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.” We continue to expect range-trading, but a narrower range of 157.70/158.80 is likely sufficient to hold the price movements for now."

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

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