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According to UOB Group’s FX Strategists, USD/JPY faces extra consolidation in the 108.50-109.55 range in the short-term horizon.

Key Quotes

24-hour view: “Yesterday, we expected USD to ‘trade sideways between 108.80 and 109.30’. USD subsequently rose to 109.33, briefly plunged to 108.56 before snapping back up. The rapid but short-lived swings have resulted in a mixed outlook. For today, USD could trade between 108.80 and 109.55.”

Next 1-3 weeks: “We highlighted yesterday (19 May, spot at 109.00) that ‘shorter-term underlying tone has weakened somewhat but USD is likely to trade within a 108.50/109.55 range for now’. USD dropped sharply to an overnight low of 108.56 before snapping back up. The price actions reinforce our view and we continue to expect USD to trade within a 108.50/109.55 range.”

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