USD/JPY remains on the neutral side – UOB

USD/JPY still faces further consolidation in the near term, suggested the research team at UOB Group.

Key Quotes

“While USD held above the 101.20 support as expected, the subsequent rebound fell short of 102.20 (high of 101.97). Downward pressure is picking up again but at this stage, any weakness is expected to encounter solid support at 101.20”.

“There is not much to add as USD continues to trade mostly sideways. BOJ’s action could lead to a break out of the expected sideway trading range of 101.20/103.30 but at this stage, there is no pre-indication on the likely direction of the next sustained move”.