USD/JPY near term neutral – UOB

FX Strategists at UOB Group expect USD/JPY to remain within a 110.00/112.20 range in the next weeks.

Key Quotes

“USD hit a high of 112.19 last Friday but the up-move was short-lived. The subsequent pull-back from the top appears to have scope to extend lower but any further weakness is expected to face strong support at 111.00 followed by the major level of 110.70”.

“USD hit a high of 112.19 last Friday but eased off quickly. The recent positive undertone has eased and the current movement is viewed as the early stages of a consolidation phase, expected to be roughly within last week’s range of 110.10/112.20”.