USD/JPY Targets 111.90 – UOB
The research team at UOB Group expects the pair to extend the upside towards the 111.90 region.
“The target indicated at 111.30 was exceeded as USD surged to a high of 111.43. Momentum indicators are showing signs of slowing and this coupled with overbought conditions suggests that a temporary top is likely in place”.
“As indicated yesterday, a daily closing above 110.60 would indicate that the bullish phase in USD has resumed. From here, the immediate target is for a move to the late April high of 111.85/90. Stop-loss is at 110.00”.