USD/JPY Bearish Stance Unchanged – UOB
The research team at UOB Group expects the pair to extend its pullback in the next 1-3 weeks.
Key Quotes
“We turned bearish USD yesterday but as mentioned, it appears that we may have seen the bulk of the weakness”.
“While
the immediate 109.50 target was exceeded, the current drop is
over-extended and any further down-move will likely be at a slower
pace”.
“The next level to aim for is at 109.00. Stop-loss is adjusted sharply lower to 110.60 from 111.60”.
(Market News Provided by FXstreet)
