USD/JPY stays neutral for the time being and remains poised to extend the prevailing sideline theme, according to FX Strategists at UOB Group. Key Quotes 24-hour view: “The quiet trading in USD yesterday offers no fresh clues. The consolidation phase appears incomplete and further range trading is expected, likely between 109.50 and 110.10″. Next 1-3 weeks: “Despite the sharp decline in USD that hit 108.48 last Thursday (31 Jan), we indicated last Friday (01 Feb, spot at 108.90) that “we have doubts about the sustainability of JPY weakness and we prefer to wait for a NY closing below 108.60 before adopting a negative stance”. That said, the subsequent sharp recovery was not exactly expected (USD touched a 1-month high of 110.15 earlier this week). The recovery lacks momentum and is viewed as part of a broad consolidation phase. In other words, we have doubts now on the sustainability of the current USD strength. In our view, USD is more likely to trade sideways for now, likely within a relatively broad 109.00/110.30 range”. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD struggles near 1-month lows, below 0.7100 handle FX Street 4 years USD/JPY stays neutral for the time being and remains poised to extend the prevailing sideline theme, according to FX Strategists at UOB Group. Key Quotes 24-hour view: "The quiet trading in USD yesterday offers no fresh clues. The consolidation phase appears incomplete and further range trading is expected, likely between 109.50 and 110.10". Next 1-3 weeks: "Despite the sharp decline in USD that hit 108.48 last Thursday (31 Jan), we indicated last Friday (01 Feb, spot at 108.90) that "we have doubts about the sustainability of JPY weakness and we prefer to wait for a NY closing below 108.60 before… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
