USD/JPY keeps the mixed outlook unchanged – UOB

UOB Group’s FX Strategists noted the outlook for USD/JPY remains mixed for the time being.

Key Quotes

24-hour view: “Our expectation for USD to ‘dip below 103.50’ did not materialize as it traded in a quiet manner between 103.60 and 103.91. The price actions offer no fresh clues and USD could continue to trade sideways, likely between 103.50 and 104.00.”

Next 1-3 weeks: “There is not much to add to our update from Wednesday (13 Jan, spot at 103.75). As highlighted, the outlook is mixed and USD could trade between 103.00 and 104.40 for now. Looking forward, the risk for a break of 104.40 first appears to be higher but USD could trade within the range for a while more.”