Further range bound trade within 135.20-138.00 is probable in USD/JPY, comment FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.

Key Quotes

24-hour view: “Yesterday, we held the view that the outlook is mixed and we expected USD to trade in a choppy manner within a broad range of 135.70/137.70. However, USD traded in a relatively quiet manner between 136.16 and 137.24. The relatively quiet price actions offer no fresh clues and we expect USD to trade between 136.30 and 137.35 for today.”

Next 1-3 weeks: “There is no change in our view from yesterday (24 Aug, spot at 137.00). As highlighted, the outlook is mixed and USD could trade in a choppy manner, likely within a broad range of 135.20/138.00.”