USD/JPY outlook shifted to bearish – UOB

In view of the research team at UOB Group, the pair’s perspective has turned to bearish in the next 1-3 weeks.

Key Quotes

“USD broke below last month 110.65 low to touch a 109.94”.

“While the outlook has turned bearish, it is likely that we have seen a bulk of the USD weakness even though another leg lower to 109.50 will not be surprising”. 

“Resistance is at 111.00 but only a move above the stoploss at 111.60 would indicate that a short-term low is in place”.