BTMUFJ: USD/JPY may consolidate
Analysts at Bank of Tokyo Misubishi UFJ are neutral on USD/JPY. In their view, the pair will be fluctuating in the 99.50/103.50 area.
On the one hand, higher US Treasury yields make USD more attractive. On the other hand, upcoming US economic indicators may be mixed. Better non-farm payroll numbers may support US Treasury selling on QE-end speculation but not necessarily encourage further equity buying given their prior elevation
According to BTMUFJ, USD/JPY may stay in narrow ranges for now before attempting further upside.