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USD/JPY is seen extending the 108.20-109.50 range for the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “USD traded between 108.50 and 108.95 yesterday before closing little changed at 108.83 (-0.04%). Momentum indicators are neutral and USD is likely to trade sideways for today, expected to be within a 108.55/109.05 range.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (22 Mar, spot at 108.90). As highlighted, the recent positive phase has ended and the current movement is viewed as part of a consolidation phase. USD is expected to consolidate and trade between 108.20 and 109,59 for now.”