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USD/JPY to consolidate - UOB Group

FXStreet (Barcelona) - The Market Strategy Team at UOB Group sees the USD/JPY pair entering into a consolidation phase with a negative undertone.

Key Quotes

"This pair is likely in a consolidation phase albeit with a negative undertone. Expect sideway trading for today, likely between 117.30 and 117.95."

USD/JPY takes out light stops below 117.40

With a US market in 'holiday' mode for the rest of the week, and the feeling that a temporary top has been reached at 119.00 as USD longs pare back, Japanese exporters and fast money found no much opposition to set a new low at 117.40.
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