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According to FX Strategists at UOB Group, USD/JPY is predicted to keep the 108.20-109.50 range unchanged in the next weeks.

Key Quotes

24-hour view: “We highlighted yesterday that USD ‘could edge lower but any weakness is unlikely to challenge the major support at 108.20’. However, USD traded between 108.43 and 108.95. The underlying tone has firmed somewhat and USD could advance but is unlikely to challenge the resistance at 109.25 (minor resistance is at 109.00). Support is at 108.65 followed by 108.45.”

Next 1-3 weeks: “There is not much to add to our update from Monday (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 109.50 for now.”