USD/JPY Focus is Now on 107.40 – UOB
According to the research team at UOB Group, the pair has now shifted its focus to the 107.40 level.
“The strong rebound from the low of 105.52 clearly indicates that a short-term bottom is in place. However, the recovery from the low appears to be running ahead of itself and from here, any further USD strength is unlikely to move beyond 107.30”.
“The call for partial profit-taking at 106.20 yesterday was timely as USD staged a remarkable rally from a low of 105.52”.
“There is a high chance that a short-term low in place but confirmation is only upon a breach of 107.40”.