USD/JPY is forecast to extend the consolidation within the 114.55-115.80 range in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “Our expectations for USD to ‘test 115.50’ yesterday did not materialize as it traded within a range of 114.90/115.37 before closing largely unchanged at 115.12 (-0.07%). The underlying tone still appears to be a tad firm and the bias is tilted to the upside. That said, any advance in USD is unlikely to 115.50. Support is at 115.00 followed by 114.80.”

Next 1-3 weeks: “Our view from yesterday (08 Feb, spot at 115.20) still stands. As highlighted, the outlook is mixed and USD is likely to trade between 114.55 and 115.80 for now. Looking ahead, the upside risk appears to be greater but USD has to break 115.80 first before a sustained advance is likely.”

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