No change in USD / JPY consolidation sentiment at the moment, probably between 109.30 and 110.55would suggest currency strategists at UOB Group.
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24 hour view: “Last Friday, we highlighted that ‘the bias is turning to the downside’, but we are of the opinion that ‘any weakness is unlikely to challenge the main support at 109.50’. Our opinion was not wrong, as USD / JPY subsequently fell to 109.58 before rebounding. Downward pressure appears to have eased and USD / JPY is unlikely to weaken further. For today, USD / JPY is likely to consolidate and trade within a range of 109.55 / 110.00. “
Next 1-3 weeks: “There is not much to add to our update last Friday (Sep 3, USD / JPY at 109.85). As highlighted, USD / JPY continues to consolidate and could continue to trade within a range of 109.30 / 110.55 for now.”
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