USD/JPY still points to rangebound – UOB

Analysts at UOB Group suggested the neutral stance is poised to extend for USD/JPY in the next 1-3 weeks.

Key Quotes

“The overnight high of 110.45 did not threaten the major 110.55/60 resistance (last week’s peak). The current recovery appears to be running out of steam and further sustained up-move is not expected for today”.

“There is no change to the current neutral outlook for USD. Last week 110.55/60 peak is likely a short-term top but momentum indicators do not suggest that a sustained period of USD weakness is imminent. Support is at 109.00 followed by 108.40”.