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FX Strategists at UOB Group noted that USD/JPY is still predicted to trade within the 105.50-106.90 range for the time being.

Key Quotes

24-hour view: “USD traded between 106.04 and 106.26, narrower than our expected 105.95/106.35 range. The moribund price action offers no fresh clues and USD could continue to trade sideways for today, likely between 105.95 and 106.30.”

Next 1-3 weeks: “There is not much to add to our latest narrative from Monday (07 Sep, spot at 106.25). As highlighted, the current movement in USD is likely part of a consolidation phase and USD is expected to trade between 105.50 and 106.90 for a period of time. The price actions over the past few days offer no fresh clues and we continue to hold the same view for now.”