USD/JPY is expected to keep the consolidative theme unchanged in the short-term horizon, suggested FX Strategists at UOB Group.
Key Quotes
24-hour view: “USD traded between 107.36 and 107.85 yesterday, narrower than our expected sideway-trading range of 107.20/108.00. The price action offers no fresh clues and USD could continue to trade sideways, likely between 107.30 and 107.90.”
Next 1-3 weeks: “USD came close to the bottom of our expected 107.00/108.00 range last Friday (29 May) before rebounding quickly. For now, we continue to hold the same view that USD is likely to trade sideways. As highlighted last Wednesday (27 May), only a daily closing out of the expected 107.00/108.00 range would suggest the start of a more sustained movement in USD.”
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