USD/JPY should stick to the 121.00-124.00 consolidative range for the time being, noted FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.

Key Quotes

24-hour view: “We expected USD to ‘trade between 121.30 and 122.60’ last Friday. However, USD rose to 123.03 before pulling back. The pullback has room to extend to 121.90. The next support at 121.50 is unlikely to come into the picture. Resistance is at 122.85 followed by 123.05.”

Next 1-3 weeks: “There is no change in our view from late last week. As highlighted, USD is likely to consolidate and trade within a range of 121.00/124.00 for now.”