USD/JPY could attempt a move higher – UOB

USD/JPY remains within a broad trading range although a move higher should not be discarded in the short-term horizon, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “Our expectation for USD to ‘move up to 108.20’ did not materialize as it traded in a quiet manner between 107.47 and 107.94. Most indicators are flat now and further consolidation in USD would not be surprising. Expected range for today, 107.40/108.00.”

Next 1-3 weeks: “As highlighted, the current recovery in USD could extend higher but any advance is viewed as part of a 107.00/109.00 range. In other words, a sustained advance above 109.00 is unlikely.”