USD/JPY sticks to the consolidative mood - UOBFX Strategists at UOB Group note that USD/JPY is still expected to navigate within the 103.40-104.40 range in the next weeks.24-hour view: “USD briefly rose to 104.08 yesterday before easing off to trade mostly sideways. Momentum indicators are mostly neutral and USD could continue to trade sideways, likely between 103.70 and 104.15.”Next 1-3 weeks: “One week ago (13 Jan, spot at 103.75), we indicated that the outlook is mixed and USD ‘could trade

U.S. weekly mortgage applications drop 1.9 percentThe Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. fell 1.9 percent in the week ended January 15, following a 16.7 percent surged in the previous week.According to the report, refinance applications declined 4.7 percent, while applications to purchase a home increased 2.7 percent. Meanwhile, the average fixed 30-year mortgage rate rose from 2.88 percent to 2.92 percent.

EUR/USD to prolong the corrective phase while below 1.2231 - Credit SuisseFXStreet reports that the Credit Suisse analyst team notes that EUR/USD has recovered strongly after holding as expected the 38.2% retracement of its November/January rally and 55-day average at 1.2065/54, but with a break above 1.2223/31 needed to confirm the correction is over and the core uptrend resumed.“EUR/USD has recovered as expected after falling to test and hold our first downside objective at 1.2067/54 – the