Further range bound in USD/JPY appears in the pipeline in the next weeks, likely between 121.00 and 124.00 according to FX Strategists Quek Ser Leang and Lee Sue Ann at UOB Group.

Key Quotes

24-hour view: “Our expectations for ‘the pullback in USD to extend to 121.90’ did not materialize as it traded sideways and in a relatively quiet manner between 122.25 and 122.94. Momentum indicators are mostly neutral and further sideway-trading would not be surprising. Expected range for today, 122.20/123.20.”

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.”