USD/JPY clings to the side-lined trade so far – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group noted that USD/JPY is still predicted to trade within the 105.50-106.90 range for the time being.

Key Quotes

24-hour view: “USD traded between 106.04 and 106.26, narrower than our expected 105.95/106.35 range. The moribund price action offers no fresh clues and USD could continue to trade sideways for today, likely between 105.95 and 106.30.”

Next 1-3 weeks: “There is not much to add to our latest narrative from Monday (07 Sep, spot at 106.25). As highlighted, the current movement in USD is likely part of a consolidation phase and USD is expected to trade between 105.50 and 106.90 for a period of time. The price actions over the past few days offer no fresh clues and we continue to hold the same view for now.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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