Prospects remain mixed – UOB

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USD/JPY is still seen in the range of 113.70-115.25 amid the current mixed outlook, comment currency strategists at UOB Group.

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24 hour view: “USD/JPY dipped to a low of 114.19 yesterday before closing on a soft tone at 114.32 (-0.25%). The bias for today is tipped to the downside, but any weakness is unlikely to break major support at 114.00 Resistance is at 114.55, followed by 114.75.”

Next 1-3 weeks: “Our last narrative was from Monday (Jan 17, USD/JPY at 114.30) where we were of the view that the outlook for further USD/JPY weakness is not high. USD/JPY subsequently spiked above our “strong resistance” level of 114.75 (high 115.05) before falling rapidly. Choppy price action has given rise to a mixed outlook and USD/JPY could trade in the 113.70/115.25 range for now.”

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