Ella 
168
Yesterday we expected the USD/JPY trading range to be 148.60/149.70. However, the pair’s trading range was lower and narrower than expected (148.42/149.24). While we still expect the USD to trade range-bound, the underlying tone has softened somewhat and USD/JPY is likely to trade in the lower range of 148.10/149.10.
Next 1-3 weeks: Our update from yesterday (October 9, spot price 149.20) still stands. As highlighted, we still expect USD/JPY to trade range-bound, albeit likely within a tighter range of 147.00/150.50.
