USD/JPY keeps the bullish outlook unchanged – UOB

The research team at UOB Group keeps its bullish perspective unchanged on USD/JPY for the next 1-3 weeks.

Key Quotes

“USD dipped yesterday but did not test the major 102.70 support with a low of 102.78. The subsequent strong rebound from the low indicates that a short-term bottom is in place and the current recovery appears to have room to extend further but a clear break above the major 104.15/30 resistance zone is not expected, at least not for today. Support is at 103.20 and the 102.70/80 support is not expected to come into the picture from here”.

“The stop-loss for bullish view at 102.70 was barely intact as USD dipped to a low of 102.78 yesterday. While the downward pressure appears to have eased with the subsequent strong recovery, USD has to punch above the major 104.15/30 resistance or the risk of a short-term top could not be ruled out just yet”.