USD/JPY is still seen trading within the 132.85-134.70 range in the short-term horizon, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

24-hour view: “We expected USD to consolidate in a range of 133.00/134.00 yesterday. However, USD dropped briefly to 133.20, rebounded to 134.19 before closing at 133.94. The price actions still appear to be consolidative and today, we expect USD to trade in a range of 133.30//134.30.”

Next 1-3 weeks: “There is not much to add to our update from Wednesday (26 Apr, spot at 133.60). As highlighted, USD appeared to have entered a consolidation phase and for the time being, it is likely to trade in a range of 132.85/134.70.”