USD/JPY seen rangebound near term – UOB

The pair is expected to prolong the current rangebound them in the next weeks, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “USD traded sideways as expected albeit at a narrower range than anticipated. Indicators are still mostly ‘flat’ which suggest further sideways trading from here. Expected range for today; 110.90/111.35”.

Next 1-3 weeks: “USD dipped to a low of 110.37 last Friday before rebounding sharply to end the day on a firm note. The volatile price action continues to cloud the immediate outlook and we are maintaining our neutral USD stance for now. Further choppy price actions would not be surprising and only a break out of last month’s 109.76/112.14 range would suggest that USD is ready for a directional move”.