FXStreet reports that FX Strategists at UOB Group see USD/JPY navigating within the 106.70/107.70 range in the near-term, all amidst a generalized mixed outlook.

24-hour view: “Our expectation for USD to consolidate yesterday was wrong as it dropped to a low of 106.65 before ending the day on a soft note at 106.92 (-0.29%). Downward momentum has picked up, albeit not by much and the risk of a sustained decline below 106.65 is not high. Overall, USD is more likely to trade sideways at these lower levels, expected to be between 106.65 and 107.20.”

Next 1-3 weeks: “USD rose to a high of 107.42 yesterday, just a few pips below our ‘strong resistance’ level of 107.45. Downward momentum has eased considerably and our view from Monday (13 Jul, spot at 106.90) wherein USD ‘is expected to trade with a downward bias towards 106.25’ is unlikely to materialize. From here, the outlook is mixed and USD could trade between 106.70 and 107.70 for a while.”