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FX Strategists at UOB Group noted USD/JPY is still seen within a consolidative theme in the near-term.

Key Quotes

24-hour view: “USD came close to the top of our expected 109.60/110.00 range before easing off (high of 109.96). The price action offers no fresh clues and we continue to expect USD to trade sideways between 109.60 and 110.00 for now.”

Next 1-3 weeks: “USD traded in a quiet manner last Friday before closing not much changed at 109.74 (-0.06%). The price action offers no fresh clues and we continue to hold the same view from last Tuesday (11 Feb, spot at 109.75) wherein USD is expected to “trade sideways”. Looking forward, the top of the expected 109.30/110.30 range appears to be more vulnerable but the lackluster price actions over the past few days suggest the expected range could remain intact for a while more.”

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