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USD/JPY is expected to stick to the 105.50-106.90 range for the time being, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “USD traded between 106.04 and 106.49 last Friday, narrower and higher than our expected range of 105.80/106.35. The price actions offer no fresh clues and USD could consolidate and trade between 106.00 and 106.50 for today.”

Next 1-3 weeks: “We noted last Thursday (03 Sep, spot at 106.20) that ‘the odds for USD to test the 104.70 have diminished’. We added, ‘a breach of 106.55 would indicate that USD has moved back into a consolidation phase’. While the 106.55 level is still intact, downward momentum has more or less dissipated. In other words, the current price action is likely part of a consolidation phase and USD is expected to trade between 105.50 and 106.90 for a period of time.”

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