USD/JPY keeps pointing to further consolidation in the next weeks, likely between 141.00 and145.00, comment FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.

Key Quotes

24-hour view: “We expected USD to ‘dip below 142.50’ yesterday. Our expectations did not materialize as it traded in a relatively quiet manner between 142.77 and 143.80. The price actions appear to be part of a consolidation and USD is likely to trade sideways for today, expected to be within a range of 142.60/143.70.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (15 Sep, spot at 143.10). As highlighted, USD does not appear to be ready to move above 145.00 in a sustained manner. From here, USD is likely to trade between 141.00 and 145.00 for a period of time.”