Outlook for USD/JPY remains mixed so far – UOB

Further rangebound trade is expected in USD/JPY in the short-term horizon, most likely between 109.50 and 110.70.

Key Quotes

24-hour view: “USD traded between 110.00 and 110.35 yesterday, narrower than our expected sideway-trading range of 109.95/110.45. Momentum indicators are still mostly ‘flat’ and further sideway-trading would not be surprising. Expected range for today, 109.95/110.40.”

Next 1-3 weeks: “Our update from yesterday (23 Jul, spot at 110.20) still stands. As highlighted, the outlook is mixed USD could trade within a 109.50/110.70 range for now.”