Japanese Yen: Sideways trade with upside risk against US Dollar – UOB

FXStreetNov 2, 2026 9:17 AM

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United Overseas Bank strategists Quek Ser Leang and Lee Sue Ann describe USD/JPY as remaining in a range-trading phase, with intraday levels and a broader 157.00–158.60 band guiding price action. While near-term momentum is not decisively bearish, their 1–3 month view highlights a rapid increase in downward momentum, pointing to further Dollar weakness against the Japanese Yen.

Range phase but momentum turning lower

"24-HOUR VIEW: We indicated last Friday that USD “could trade between 157.20 and 158.20.” However, USD fell to a low of 156.94 before quickly rebounding to close at 157.53 (-0.10%). Despite declining, there has been no increase in downward momentum, and today, USD could trade between 157.10 and 158.05."

"1-3 WEEKS VIEW: In our most recent narrative from last Wednesday (28 Oct, spot at 157.85), we highlighted that USD “has likely entered a range-trading phase, and for the time being, we expect it to trade between 157.00 and 158.60.” On Friday, USD dipped briefly below 157.00 to a low of 156.94 before rebounding. Given that there is no sustained break below 157.00, we will continue to hold the view that USD is likely to trade between 157.00 and 158.60."

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

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