FXStreet (Edinburgh) - The research team at BBH has assessed the recent consolidative pattern in USD/JPY. Key Quotes “The dollar recorded its highs against the yen four months ago near JPY125.40”. “On August 24, it crashed to around JPY116.20 and has been in a new range since between JPY118.60 and JPY121.60”. “The implied volatility (three-month) fell below 9.2% before the weekend, the lowest level in two months. While we suspect the coil may continue in the near-term, it is setting the stage for a potentially powerful move”. “Nevertheless, our analysis leads us to conclude that this is a market correction, not a reversal of the underlying trends”. For more information, read our latest forex news.