The research team at UOB Group has reiterated its neutral stance on the pair in the next 1-3 weeks.
“USD/JPY has remained steady within the 112.00-113.00 region as Japan's fiscal year came to a close. Earlier this morning, data revealed Japan’s factory sector expanding at a weaker pace than expected for the March quarter, increasing the chances that the economy contracted for the second quarter in a row”.
“There is no change to the neutral view and we continue to expect USD to trade in a broad 111.50/113.50 range for now”.
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