The research team at UOB Group argued that USD/JPY faces further pullbacks towards the 110.00 area. Key Quotes “While the month neutral consolidation is likely over, the decline in USD has been more rapid and aggressive than expected which mean we may have missed a bulk of the move”. “Overall, the risk is still on the downside and the target from here is at 110.00. Resistance at 112.30 is likely strong enough to cap any short-term rebound but only a move above 113.00 would indicate that our view is wrong”. For more information, read our latest forex news.