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In opinion of FX Strategists at UOB Group, USD/JPY is still seen navigating within the 106.80/108.05 range in the next weeks.

Key Quotes

24-hour view: “Our expectation for USD to ‘drift lower’ did not materialize as it rebounded quickly from a low of 107.22. Upward momentum has improved a tad and from here, USD could edge up to 107.90. For today, a sustained advance above this level is unlikely. Support is at 107.40 followed by 107.20.”

Next 1-3 weeks: “We highlighted last Friday (03 Jul, spot at 107.50) that the odds for USD to move to 108.40 have diminished. While our ‘strong support’ level at 107.00 is still intact, upward momentum has more or less dissipated. The current movement is deemed as part of a consolidation phase and USD could trade between 106.80 and 108.05 for a period.”