USD/JPY rangebound between 101.20/103.30 – UOB

The research team at UOB Group expects USD/JPY to extend its consolidative theme between 101.20 and 103.30 in the next 1-3 weeks.

Key Quotes

“While the strong rebound in USD last Friday suggests that the immediate downward pressure has eased, upward momentum is lackluster at best and any further up-move is not expected to move significantly above 102.75/80”.

“The neutral phase that started last Wednesday (7/9//16) is still intact as USD continues to choppily within a broad range. We prefer to stay neutral for now and expect further choppy sideway trading in the coming days, likely within a broad 101.20/103.30 range”.