According to the research team at UOB Group, USD/JPY points to a test of the 11.00 area while trading below the 113.00 handle. Key Quotes “While the initial dip held above 111.30 as expected (low of 111.36), the subsequent rebound from the low exceeded the 112.30 target with a high of 112.48. From here, a retest of 112.45/50 will not be surprising but 112.80 is expected to cap for a pull-back to 111.90”. “The rebound from the low of 110.65 has been more resilient than expected but as long as 113.00 is intact, another leg lower to 110.00 is still a possibility but we must admit that the odds have diminished and will continue to diminish if the current short-term consolidation were to persist”. For more information, read our latest forex news.