USD/JPY poised for extra consolidation – UOB – by pabspiovano USDJPY Currencies Majors Banks
24-hour view: “We highlighted last Friday that ‘the price actions appear to be part of a consolidation’ and we expected USD to ‘trade sideways within a range of 142.60/143.70’. Even though our view for sideway-trading was not wrong, USD traded in a narrower range than expected . The underlying tone has weakened and the bias for USD today is tilted to the downside. However, any weakness is likely limited to a test of 142.20 . Resistance is at 143.30 followed by 143.60.
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