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USD/JPY is still seen navigating the 108.50-109.55 range in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “USD soared to 109.17 yesterday before closing on a firm note at 109.14 (+0.35%). Robust upward momentum suggests that further USD strength is likely. That said, any advance is not expected to threaten the major resistance at 109.55 (109.30 is already quite a strong level). Support is at 108.95 followed by 108.80.”

Next 1-3 weeks: “We have expected USD to trade within a 108.50/109.55 range since last week. USD has not moved out of the expected range since then. There is no change in our view even though shorter-term upward momentum is beginning to improve. That said, at this stage, it appears too early to expect the start of sustained directional move.”