USD/JPY poised for further rangebound – UOB

As suggested by FX Strategists at UOB Group, USD/JPY keeps its consolidative theme unchanged in the near term, likely between 111.50 and 115.00.

Key Quotes

“The 113.38/114.39 range yesterday was relatively close to our expected sideways trading range of 113.50/114.50. However, the rather weak daily closing suggests immediate downward pressure even though any decline is unlikely to have enough momentum to break below the 113.10 support”.

“While the outlook for USD is deemed as neutral, the nearterm bias is tilted to the downside. That said, any weakness is expected to find solid support near last week’s low at 111.50. Strong resistance is at 114.40 followed by the key level of 115.00”.