USD/JPY to consolidate between 113.80 and 114.80 in the upcoming sessions – OCBC

USD/JPY is ticking down for the second successive day. Economists at OCBC expect the pair to enter a period of consolidation within a 113.80-114.80 range.

Topside limited by broad USD sogginess

“Dips have been shallow and well-cushioned at 114.00. Topside limited by broad USD sogginess.”

“Retain view for consolidation between 113.80 and 114.80 in the upcoming sessions.”

“Upward extension in front and back-end UST yields is still the main driver for upside.”