USD/JPY aims to further consolidation – UOB

Strategists at UOB Group see USD/JPY extending its consolidative theme between 103.00 and 105.20 in the next weeks.

Key Quotes

“Despite the move above the top end of the expected sideway consolidation range of 105.20 (high of 105.46), we are not convinced that the current USD strength is sustainable”.

“Only a daily closing above major 105.50/55 would indicate the start of a bullish phase. In the meanwhile, we continue to expect choppy trading within a broad range”.

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