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In opinion of FX Strategists at UOB Group, USD/JPY is seen testing the mid-110.00s in the next weeks.

Key Quotes

24-hour view: “With the chaotic and frenetic price actions in other major currency pairs, USD traded in a relatively quiet manner between 106.74 and 108.65 before closing at 108.06. Our view from yesterday was that USD “could move above 108.00 but may not be able to break 108.50”. Upward momentum has improved and from here, USD is expected to advance towards 109.50. The support at 107.70 followed by 107.30.”

Next 1-3 weeks: “USD traded in a relatively quiet manner over the past few days. Upward momentum is building up and from here, we are expecting USD advance towards 110.50. If USD can close above 110.50, it could extend further towards the Feb’s peak near 112.20. On the downside, ‘strong support’ level is at 106.80.”