USD/JPY further consolidation likely – UOB

USD/JPY remains poised to extend its current consolidative range for the next weeks, suggested analysts at UOB Group.

Key Quotes

“The current consolidation phase appears incomplete and further range trading seems likely, albeit the bias is for a probe higher towards 106.70”.

“We turned neutral USD last Friday and there is no change to the view. The near-term outlook remains unclear and we continue to expect broad choppy trading, likely within a 104.50/107.50 range (adjusted higher from 104.00/107.00 last Friday)”.