USD/JPY faces further consolidation – UOB

USD/JPY is still seen extending its rangebound theme in the next 1-3 weeks, according to the research team at UOB Group.

Key Quotes

“While USD has been edging higher over the last several days, the up-move is lacking in momentum and the movement is viewed as part of a consolidation phase and not the start of a sustained rally”.

“The outlook remains mixed, even from a short-term perspective and market seems undecided about what to do with this pair. Overall, we expect further range trading that is likely contained within a 101.00/105.00 range”.