FXStreet (Edinburgh) - In opinion of the research team at UOB Group, USD/JPY could attempt a rebound towards the 118.30/40 in the near term. Key Quotes “Against our expectations, USD rebounded strongly without testing the 117.05/10 support”. “It is getting increasingly likely that this pair is forming a short-term base for a stronger rebound in the coming days”. “For today, allow for a dip to 117.80 but 117.50 is expected to hold for a move higher to retest the 118.35/40 peak seen earlier this week”. For more information, read our latest forex news.