USD/JPY still neutral, eyes on 115.00 – UOB

FX Strategists at UOB Group keep the neutral stance on USD/JPY in the next weeks.

Key Quotes

“After faltering for several days, USD came back to life and closed on a very strong note”.

“We continue to expect the current rebound (from last week 111.67 low) to extend higher towards the formidable 114.95 resistance. At this stage, the odds for a sustained move above this level are not high but a clear break could lead to acceleration higher towards 115.40, 115.60”.

“For the above the scenario to pan out, any pull-back should not move below the key support at 113.85”.