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USD/JPY is expected to keep the 103.70-105.00 range unchanged for the time being, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “We expected USD to trade sideways between 104.15 and 104.60 yesterday. USD subsequently traded within a narrower range than expected (104.20/104.47). The underlying tone has weakened somewhat and this could lead to USD edging downwards to 103.95. For today, the next support at 103.70 is not expected to come into the picture. On the upside, a move back above 104.50 would indicate the current mild downward pressure has eased (minor resistance is at 104.35).”

Next 1-3 weeks: “We highlighted on Tuesday (24 Nov, spot at 104.55) that the current movement in USD is viewed as the early stages of a consolidation phase and we expected USD to trade between 103.70 and 105.30. There is no change in our view but the decrease in volatility suggests that a 103.70/105.00 range is likely enough to contain the price actions in USD, at least for a few more days.”

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