Further range trading seems likely, probably between 157.30 and 158.30. In the longer run, current price movements are likely part of a consolidation phase, expected to be between 156.50 and 158.50, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

USD/JPY range trading seems likely

24-HOUR VIEW: "After USD traded in a range on Monday, we pointed out yesterday that 'the price action did not result in an increase in either downward or upward momentum.' We expected USD to 'continue to trade in a range, most likely between 157.00 and 158.00.' USD subsequently traded between 157.10 and 158.20, closing at 157.96 (+0.31%). The price action provides no fresh clues, and further range trading seems likely, probably between 157.30 and 158.30."

1-3 WEEKS VIEW: "Not much has changed since our update yesterday (14 Jan, spot at 157.50). As mentioned, the current price movements are likely part of a consolidation phase, expected to be between 156.50 and 158.50."