In opinion of FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, USD/JPY is now seen navigating within the 129.00-131.25 range in the next weeks.
24-hour view: “USD traded in a relatively quiet manner yesterday. Momentum indicators are mostly flat and USD is likely to consolidate further and trade between 129.60 and 130.35.”
Next 1-3 weeks: “After surging to a high 131.24 last Thursday (28 Apr), USD pulled back and traded sideways the past few days. Upward momentum is beginning to wane and USD could continue to consolidate from here, likely between 129.00 and 131.25. Looking ahead, USD has to move and stay above 131.25 before further sustained advance is likely.”