USD/JPY on a bullish outlook between 111.50 and 115.00 – UOB

In opinion of FX Strategists at UOB Group, USD/JPY's stance remains bullish and points to a period of consolidation ahead of further gains.

Key Quotes

“The choppy swings in USD yesterday have resulted in a mixed outlook. Further choppy trading is expected, likely holding within the 112.84/114.77 range seen yesterday”.

“We shifted from a bullish to neutral USD stance yesterday and there is no change to the view. The current movement is deemed as the early stages of a consolidation phase, likely within a very broad 111.50/115.00 range”.