USD/JPY points to further consolidation near term – UOB

Pablo Piovano FXStreet

USD/JPY is forecast to keep trading between 113.20 and 114.70 for the time being, commented FX Strategists at UOB Group.

Key Quotes

24-hour view: “We did not anticipate the strong advance in USD to 114.30 yesterday (we were expecting USD to trade within a range or 113.55/114.00). The advance appears to be running ahead of itself and USD is unlikely to strengthen much further. For today, USD is more likely to trade between 113.80 and 114.30.”

Next 1-3 weeks: “Our latest narrative was from last Friday (22 Oct, spot at 114.00). As highlighted, the current movement is viewed as part of a consolidation phase and USD is likely to trade between 113.20 and 114.70 for now.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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