USD/JPY Keeps its Bearish Stance – UOB
USD/JPY’s perspective remains on the bearish side, according to the research team at UOB Group.
Key Quotes
“The anticipated USD
strength exceeded our expectation by easily taking out the strong
109.15/20 resistance. The upmove appears to have scope to extend higher
and a break above 109.60 could lead to extension to 110.00 (a move this
level appears unlikely for today)”.
“The stop-loss for our
bearish USD view at 109.60 is coming under threat and a break above this
level would indicate that a short-term low is place”.
“This appears to be likely scenario unless there is move back below 108.40 within these two days”.
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