USD/JPY is stuck in a short-term Range – UOB

FXStreet – The UOB Group team of Analysts remains for the USD/JPY in the next few weeks between 110,20 and 113,10 neutral set.

Important Quotes

“The expected extension to the above, not reached the goal of 112,35. The strong Pullback from the 112,11 High indicates that a has been formed between high. The current strength of the Pullback shifted the focus to Expand down, but the 111,15 is a strong support and it is unlikely that this is broken. Resistances lie at 111,90, and 112,10.”

“We have changed our Outlook yesterday for the Pair to neutral and there is no Change. The current movement can be seen as part of a consolidation phase and a USD sideways trading is likely. At this point, expect a trade between 110,20 and 113,10, but we should be able to further restrict, if the volatility falls.”

** FXStreet News Editorial, FXStreet**

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