USD/JPY stuck within 111.50/115.00 – UOB

USD/JPY is expected to remain within a consolidative theme between 111.50 and 115.00 in the next 1-3 weeks.

Key Quotes

“While the 113.10 support indicated yesterday held as expected (low of 113.11), the subsequent sharp rally from the low came as a surprise. The up-move appears to have enough momentum to extend higher but a move above 114.55/60 is not expected”.

“There is no change to the current neutral view and we continue to expect this pair to trade sideways within a very broad range of 111.50/115.00 for now”.