USD/JPY still in a consolidative theme – UOB

USD/JPY is seen extending its 100-105 sideline pattern in the next 1-3 weeks, according to the research team at UOB Group.

Key Quotes

“While USD extended its gains as expected, the high of 102.94 did not quite reach the 103.15 resistance. The shortterm outlook for this pair is still positive and a move to 103.15/20 appears to be on the card”.

“There is not much to add as the near-term outlook is still unclear after the outsized range last Friday. For now, it seems that 100.00/105.00 should be enough to contain the short-term market volatility for the next several days”.