USD/JPY neutral, sidelined between 100.80/103.20 – UOB

USD/JPY remains poised to extend its consolidation scheme between 100.80 and 103.20 in the next 1-3 weeks.

Key Quotes

“While the sharp drop yesterday appears to be overextended, there is no sign of stabilization just yet. From here, allow for a bounce to 102.20 but 102.50 is expected to cap for a move lower to 101.45/50”.

“USD rose strongly to a high of 103.05 last Friday before dropping rapidly to current level. The choppy swings have resulted in a mixed outlook and for now, we continue to hold a neutral stance for USD and expect further choppy trading, likely within a broad 100.80/103.20 range”.