In opinion of FX Strategists at UOB Group, USD/JPY is still seen navigating the 114.80-115.90 range in the next weeks.

Key Quotes

24-hour view: “We highlighted yesterday that ‘the outlook is mixed’ and we expected USD to ‘trade between 115.00 and 115.90’. USD subsequently dropped to 114.85 before rebounding (high has been 115.77). The outlook remains mixed and USD is likely to trade between 114.85 and 115.65 for today.”

Next 1-3 weeks: “We continue to hold the same view as from last Friday (25 Feb, spot at 115.45). As highlighted, the outlook appears to be neutral and USD is expected to trade within a range of 114.80/115.90 for now.”