USD/JPY undecided, further rangebound likely – UOB

The research team at UOB Group sees USD/JPY extending its sideline pattern in the next weeks.

Key Quotes

“Instead of trading sideways as expected, USD rebounded to an overnight high of 102.83. The recovery appears to have room to extend further but 103.15 is a strong resistance and a clear break above this level is not expected”.

“There is not much to add as the near-term outlook is still unclear after the outsized range last Friday. For now, it seems hat 100.00/105.00 should be enough to contain the short-term market volatility for the next several days”.