USD/JPY: Outlook remains mixed for the time being – UOB

According to FX Strategists at UOB Group, price action around USD/JPY remains inconclusive and is seen still navigating the 106.70/107.70 range in the next weeks.

Key Quotes

24-hour view: “Last Friday, we held the view that ‘there is room for USD to grind higher to 107.55’. However, USD traded in a quiet manner between 106.92 and 107.36. The outlook is mixed and USD could continue to “meander”, likely between 106.85 and 107.45.”

Next 1-3 weeks: “USD continues to trade in an ‘undecided’ manner and there is no change to our view from Wednesday (15 Jul, spot at 107.25). As highlighted, the outlook is mixed and USD could trade between 106.70 and 107.70 for a while. Overall, the recent lackluster price actions suggest USD is not likely to embark on a sustained directional move anytime soon.”