USD/JPY still neutral between 112.50/114.20 – UOB

The pair should remain within the 112.50/114.20 range in the near term, noted FX Strategists at UOB Group.

Key Quotes

“USD rebounded strongly to hit a high of 113.85, below the strong 113.95/00 resistance. While upward momentum is not strong, another push higher towards 113.95/00 seems likely but at this stage, a sustained move above this level is not expected”.

“We shifted to a neutral stance on USD yesterday and there is no change to the view. The current movement is viewed as part of a consolidation phase and USD is expected to trade sideways between 112.50 and 114.20 for now”.