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FX Strategists at UOB Group noted USD/JPY could trade within the 108.30-110.30 range during the next weeks.

Key Quotes

24-hour view: “Were of the view that ‘there is scope for USD to move above 110.00’ yesterday. USD subsequently edged to a high of 109.99 before trading sideways. The quiet price action has resulted in a mixed outlook USD could continue to trade in a quiet manner, albeit likely at a higher range of 109.80/110.15.”

Next 1-3 weeks: “There is not much to add to our update from Wednesday (05 Feb, spot at 109.45). As highlighted, USD is expected to trade sideways for a period, likely between two major levels of 108.30 and 110.30. While the top of the expected range is within sight, at this stage, there is no early indication that USD is ready to move above this level in a sustained manner.”