USD/JPY is still seen within the 113.70-115.25 range amidst the current mixed outlook, commented FX Strategists at UOB Group.
24-hour view: “USD drifted to a low of 114.19 yesterday before closing on a soft note at 114.32 (-0.25%). The bias for today is tilted to the downside but any weakness is unlikely to break the major support at 114.00. Resistance is at 114.55 followed by 114.75.”
Next 1-3 weeks: “Our latest narrative was from Monday (17 Jan, spot at 114.30) where we held the view that the prospect for further USD weakness is not high. USD subsequently soared above our ‘strong resistance’ level of 114.75 (high of 115.05) before dropping back down quickly. The choppy price actions have resulted in a mixed outlook and USD could trade within a range of 113.70/115.25 for now.”