USD/JPY: Further rangebound likely in the near-term – UOB

USD/JPY is predicted to keep trading within the 105.00-106.00 range in the short-term horizon, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “USD traded in a relatively quiet manner yesterday (between 105.26 and 105.62). The price actions offer no fresh clues and USD could continue to consolidate for now, likely within a 105.30/105.75 range.”

Next 1-3 weeks: “USD popped above 106.00 last Thursday, 08 Oct (high of 106.10) but was unable to maintain a foothold above this level. The build-up in momentum fizzled out quickly and the outlook for USD is mixed. From here, USD could trade between 105.00 and 106.00 for a period of time.”