USD/JPY is seen keeping the broader consolidative theme in the next week, noted FX Strategists at UOB Group.
Key Quotes
24-hour view: “Expectation for USD to “test 105.80 first before stabilizing” did not materialize as USD traded in a relatively quiet manner. The current movement is viewed as part of consolidation and USD is likely to trade sideways for today, expected to be within a 105.90/106.40 range”.
Next 1-3 weeks: “USD surrendered some of Thursday’s gain as it closed lower by -0.19% (106.29) last Friday (30 Aug). The price action offers no fresh clues and we continue to expect USD to “trade sideways and within a broad range” for now. In other words, the outlook remains mixed and USD trade between 105.00 and 107.00 for a while more”.
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