USD/JPY: Slight upside bias – OCBC

A case can still be made for leaning against the extreme of the recently established ranges for the major pairs in the immediate horizon, in the opinion of Terence Wu from OCBC Bank. USD/JPY trades at 111.5060.

Key quotes

“The USD-JPY wavers within a 109.60 to 111.70 range, with a very slight upside bias.” 

“With the JPY basis still stretched, USD funding may still be stressed against the JPY, even as it fades against the rest of the majors. This may keep the USD-JPY supported in the near term.”