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USD/JPY to consolidate – UOB

FXStreet (Barcelona) - Analysts at UOB Group note that the pull-back from 118.98 signals the beginning of a short consolidation phase for the USD/JPY pair.

Key Quotes

“The sharp pull-back from the high of 118.98 yesterday signals the start of a short-term correction/consolidation phase that could last for a couple of days."

"A deeper pull-back towards 117.20 will not be surprising but as long as the trailing-stop at 116.50 is intact, there is no reason to expect that USD has topped out just yet from a mid-term perspective.”

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