USD/JPY seen grinding lower near term – UOB

In view of FX Strategists at UOB Group, USD/JPY risks a move to the 106.30 region in the next weeks.

Key Quotes

24-hour view: “USD traded between 106.63 and 107.12 last Friday, narrower than our expected range of 106.50/107.20. The price action offers no fresh clues and USD is likely to continue to trade sideways for now. Expected range for today, 106.55/107.10”.

Next 1-3 weeks: “While oversold short-term conditions could lead to a couple of days of consolidation first, the near-term focus is still at 106.35. A break of this level would shift the focus to 106.00”.