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FX Strategists at UOB Group see USD/JPY still navigating within the 108.20-109.50 trading range in the short-term horizon.

Key Quotes

24-hour view: “We expected USD to ‘trade sideways within a 108.55/109.05 range’ yesterday. However, USD briefly dipped to 108.39 before trading sideways. The underlying tone has weakened and USD could edge lower. That said, any weakness is unlikely to challenge the major support at 108.20. Resistance is at 108.70 followed by 108.95.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (22 Mar, spot at 108.90). As highlighted, the recent positive phase has ended and the current movement is viewed as part of a consolidation phase. USD is expected to consolidate and trade between 108.20 and 109,59 for now.”