USD/JPY points to further consolidation near term – UOB

USD/JPY is forecast to keep trading between 113.20 and 114.70 for the time being, commented FX Strategists at UOB Group.

Key Quotes

24-hour view: “We did not anticipate the strong advance in USD to 114.30 yesterday (we were expecting USD to trade within a range or 113.55/114.00). The advance appears to be running ahead of itself and USD is unlikely to strengthen much further. For today, USD is more likely to trade between 113.80 and 114.30.”

Next 1-3 weeks: “Our latest narrative was from last Friday (22 Oct, spot at 114.00). As highlighted, the current movement is viewed as part of a consolidation phase and USD is likely to trade between 113.20 and 114.70 for now.”