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USD/JPY remains neutral in the near-term, although it could attempt a visit to the 110.30 region, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “USD spent another day going nowhere as it traded sideways between 109.64 and 109.94, narrower than our expected range of 109.60/110.00. The consolidation over the past several days appears to be close to an end and the improved underlying tone suggests USD could edge higher from here. That said, any advance is unlikely to challenge last month’s top at 110.28 (110.10 is already quite a strong level). Support is at 109.75 followed by 109.60.”

Next 1-3 weeks: “There is not much to add as USD traded in a quiet manner over the past several days. We continue to hold the same view from last Tuesday (11 Feb, spot at 109.75) wherein USD is expected to ‘trade sideways’. Looking forward, the top of the expected 109.30/110.30 range appears to be more vulnerable even though any advance above 110.30 is expected to encounter another solid resistance at 110.65.”

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