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FX Strategists at UOB Group believe USD/JPY should keep navigating within the prevailing 107.00/109.00 range for the time being.

Key Quotes

24-hour view: “USD traded in a quiet manner last Friday and closed at 108.46 but moved lower upon opening this morning. Downward momentum is beginning to pick up and this could lead to USD dipping towards 107.70. For today, the next support at 107.40 is unlikely to come into the picture. Resistance is at 108.50 followed by 108.70.”

Next 1-3 weeks: “After rising quickly to a high of 109.37 last Monday (06 Apr), USD has not been able to make any headway on the upside as it subsequently traded sideways to lower for the rest of the week. The price action has resulted in a rapid loss in momentum and has put paid to our view for USD to test 110.40. From here, the bias is tilted to the downside but at this stage, any weakness is viewed as part of a 107.00/109.00 range.”