USD/JPY: Looks consolidative within 109.30-110.55 – UOB

There is no change in the consolidative stance around USD/JPY, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “Yesterday, we expected USD to ‘consolidate and trade within a 109.55/110.00 range’. Our view for consolidation was not wrong even though USD traded within a narrower range than expected (109.69/109.94). Despite the quiet price actions, the underlying tone appears to have softened somewhat and USD could drift lower to 109.55. For today, a clear break of this level is unlikely (next support is at 109.30). Resistance is 110.00.”

Next 1-3 weeks: “There is not much to add to our update from last Friday (03 Sep, spot at 109.85). As highlighted, USD is still in consolidating and it could continue to trade within a 109.30/110.55 range for now.”