USD/JPY: the pursued decline below 112 seems probable in the short term (UOB)

UOB estimates that the USD/JPY should continue its short-term decline following the break of the 112 threshold yesterday.

"The decline of the USD/JPY exceeded our expectations by breaking the major support level at 112.00 to reach a low at 111.60. The drop seems incomplete and makes it difficult to foresee a return above 112.50. Another bearish wave towards 111.30 seems likely. Minor resistance is at 112.15."