USD/JPY faces a mixed outlook – UOB

In opinion of FX Strategists at UOB Group, USD/JPY still struggles for direction within the 103.70-104.80 range in the next weeks.

Key Quotes

24-hour view: “USD traded between 104.17 and 104.57 yesterday (higher than our expected range of 104.00/104.50) before closing little changed at 104.30. The price actions offer no fresh clues and USD could continue to trade sideways for now, likely within a 104.10/104.60 range.”

Next 1-3 weeks: “The recent build-up in downward momentum fizzled out as USD popped above our ‘strong resistance’ level of 104.50 yesterday (high of 104.57). The outlook is mixed now and USD could trade sideways and only a clear break below 103.70 or above 103.80 would indicate the start of a more directional price action.”