FXStreet reported Nov. 2 that United Overseas Bank (UOB) strategists expect USD/JPY to stay between ¥157.00 and ¥158.60 over one to three weeks, keeping the ¥157 threshold central to the currency outlook.
FXStreet attributed the view to UOB Senior Technical Strategist Quek Ser Leang and Economist Lee Sue Ann, whose 24-hour projection was ¥157.10 to ¥158.05. The outlet said the strategists kept their broader range after USD/JPY briefly fell below ¥157 on Oct. 30 because the rate did not remain below that level. FXStreet reported a low of ¥156.94 and a close of ¥157.53 that day, down 0.10%.
The Bank of Japan (BOJ) recorded a Tokyo-session range of ¥157.12 to ¥157.89 on Oct. 30. Its rate sheet showed USD/JPY at ¥157.81–¥157.82 at 8 p.m. ET Oct. 29 (9 a.m. JST Oct. 30), then at ¥157.55–¥157.56 at 4 a.m. ET Oct. 30 (5 p.m. JST). The BOJ’s ¥157.12 low and FXStreet’s ¥156.94 low cannot be directly compared because FXStreet did not specify the trading period behind its figure. USD/JPY measures yen per dollar, so a decline indicates a stronger yen.
FXStreet previously reported that UOB viewed a move above ¥157.80 as making sideways trading more likely than another decline, a threshold covered in EconoTimes’ earlier report.
The BOJ set its uncollateralized overnight call-rate guideline at about 1.25% on Oct. 30 in an 8-1 vote. In its October outlook, the central bank said a weaker yen could raise profits for globally active firms, while higher import prices could squeeze households’ real income and weigh on small and medium-sized firms.
The BOJ is scheduled to release a summary of opinions from its Oct. 29–30 meeting on Nov. 9 at 6:50 p.m. ET (Nov. 10 at 8:50 a.m. JST). Its next monetary policy meeting is scheduled for Dec. 17–18.
