USD/JPY faces a mixed outlook – UOB

In opinion of FX Strategists at UOB Group, the outlook for USD/JPY remains mixed for the time being.

Key Quotes

24-hour view: “USD traded between 107.10 and 107.42 yesterday, narrower than our expected consolidation range of 106.95/107.45. The quiet price action offers no fresh clues and USD could continue to trade sideways for today, likely between 107.00 and 107.45.”

Next 1-3 weeks: “USD rose to a high of 107.42 yesterday, just a few pips below our ‘strong resistance’ level of 107.45. Downward momentum has eased considerably and our view from Monday (13 Jul, spot at 106.90) wherein USD ‘is expected to trade with a downward bias towards 106.25’ is unlikely to materialize. From here, the outlook is mixed and USD could trade between 106.70 and 107.70 for a while.”