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USD/JPY is expected to remain sidelined for the time being, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “The choppy and rapid swings in USD have resulted in a mixed outlook. US/China headlines could result in further volatile price action as USD could continue to swing between 106.85 and 107.80″.

Next 1-3 weeks: “We highlighted the “diminished odds for further USD weakness” on Tuesday (08 Oct, spot at 107.25) and the break of the 107.50 ‘strong resistance’ level yesterday (high of 107.62) indicates that USD has moved back into a sideway-trading phase (we previously expected USD to trade lower towards 106.35). From here, USD is likely to trade between the two major levels of 106.50 and 108.50 for a period”.