UOB Group currency strategists note that the USD / JPY still faces some consolidation within the 109.30 / 110.55 range In the next weeks.
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24 hour view: “Last Friday, we considered that ‘USD / JPY weakness could dip below 109.50 first before stabilization can be expected.’ Our expectations did not materialize as USD / JPY moved in range and out of a Quiet way between 109.68 and 109.98. Momentum indicators are mostly neutral and USD / JPY could continue to move sideways. Expected range for today, 109.70 / 110.10. “
Next 1-3 weeks: “Not much to add to our update last Friday (Sep 10, USD / JPY at 109.93). As highlighted, the recent buildup of upside momentum has faded and USD / JPY is still consolidating within out of a range of 109.30 / 110.55. “
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