USD/JPY stays neutral, rangebound between 100.00/102.00 – UOB

USD/JPY’s outlook has shifted to neutral from bearish and it is expected to navigate between 100.00 and 102.00, suggested analysts at UOB Group.

Key Quotes

“While USD strength exceeded the strong 101.50 resistance (high of 101.84), the subsequent rapid decline has resulted in a mixed outlook. The current movement is deemed as part of a broad consolidation phase, likely between 100.70 and 101.60”.

“The move back above 101.50 has shifted the bearish outlook for USD to neutral. A short-term low is likely in place and the current movement is viewed as the start of consolidation phase, likely within a broad 100.00/102.00 range”.