The yen weakened against the U.S. dollar on Oct. 27 as USD/JPY rose above 157.80, a level FXStreet said UOB analysts viewed as a point after which sideways movement would be more likely than further declines over one to three weeks.
The Bank of Japan recorded the pair at 157.86–87 yen per dollar at 4 a.m. EDT (08:00 UTC), corresponding to 5 p.m. JST. Its reported range for the day was 157.44–157.87. USD/JPY quotes yen per dollar, so a higher reading means each dollar exchanges for more yen.
FXStreet attributed the outlook to UOB analysts Quek Ser Leang and Lee Sue Ann. The outlet said their expected band for Oct. 27 was 156.90–157.80, and that they considered the dollar’s rebound excessive. They assessed a move above the band’s upper edge as a reason to expect the pair to oscillate within a range instead of extending its decline.
At the comparable 4 a.m. EDT (08:00 UTC; 5 p.m. JST) observation on Oct. 26, the Bank of Japan recorded USD/JPY at 157.12–14. The higher reading a day later indicated a weaker yen against the dollar. EconoTimes previously covered the yen’s decline during Tuesday’s Asian trading as investors weighed central bank decisions.