USD/JPY keeps its bearish stance – UOB

USD/JPY’s perspective remains on the bearish side, according to the research team at UOB Group.

Key Quotes

“The anticipated USD strength exceeded our expectation by easily taking out the strong 109.15/20 resistance. The upmove appears to have scope to extend higher and a break above 109.60 could lead to extension to 110.00 (a move this level appears unlikely for today)”.

“The stop-loss for our bearish USD view at 109.60 is coming under threat and a break above this level would indicate that a short-term low is place”.

“This appears to be likely scenario unless there is move back below 108.40 within these two days”.