USD/JPY: 103.50/104.50 key consolidation range - UOB

Analysts at UOB Group noted the consolidation in the Yen where 104 has held and been unable to sustain a clear move below 104.50.

"Only a clear move below 104.50 would indicate an extension towards 103.50 has started."

"Overall, the shorter-term outlook has deteriorated considerably and the downward pressure would continue to grow unless USD can move and stay above 106.20 in the next few days (the high 105.85/90 seen after NY closing is already a strong resistance."