United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann describe USD/JPY price action as muted, with the pair confined to 157.15–157.95 and momentum turning flat. Range trade but focus on lower levels"24-HOUR VIEW: Following USD’s price action on Monday, we stated yesterday that “the sharp swings have resulted in a mixed outlook.” We also stated that USD “could trade between 156.20 and 158.50.” We did not expect muted price action as USD traded within a relatively tight range between 157.15 and 157.95. Momentum indicators are turning flat, and today, USD could trade between 157.00 and 158.30."