USD/JPY still eyes 112.20 – UOB

USD/JPY could reach the 112.20 area in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

“USD traded sideways as expected albeit at a much narrower range than anticipated. The consolidation appears incomplete and we continue to expect range trading for now, likely between 111.00 and 111.70”.

“The short-term consolidation phase is still intact and USD could continue to trade sideways for another 1 to 2 days before pushing higher towards 112.20. In other words, there is no change to the bullish view. Stop-loss us unchanged at 110.30 as well”.