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USD/JPY still seen within the 103.70-104.80 range in the next weeks, noted UOB Group’s FX Strategists.

Key Quotes

24-hour view: “USD traded between 103.90 and 104.31 yesterday, relatively close to our expected sideway-trading range of 103.85/104.30. The price actions offer no fresh clues and we continue to expect USD to trade sideways between 103.85 and 104.30.”

Next 1-3 weeks: “Our latest narrative was from last Wednesday (02 Dec, spot at 104.30) wherein the outlook for USD is mixed and ‘only a clear break below 103.70 or above 104.80 would indicate the start of a more directional price action’. USD subsequently dropped briefly to a low of 103.65 before rebounding. The outlook remains mixed and we continue to hold the view that only a clear break below 103.70 or above 104.80 would indicate the start of a more direction price action.”