USD/JPY: 123.60 a key resistance to watch - UOB

FXStreet (Guatemala) - Analysts at UOB Group explained that the shift to a bullish USD stance and to buy at 122.50 was timely as USD rose strongly after an initial dip to a low of 122.20.

Key Quotes:

"The current movement is likely the early stages of a sustained up-move but the early November high of 123.60 is clearly a strong resistance but a break could lead to further buying towards the next resistance near 124.60. Stop-loss is unchanged at 121.80 for now but 122.20 is likely strong enough to hold any pull-back from here."