USD/JPY turned neutral near term – UOB

The research team at UOB Group has shifted its outlook for USD/JPY to neutral from bullish in the next 1-3 weeks.

Key Quotes

“The bullish phase that started two weeks ago ended abruptly yesterday when the stoploss at 109.20 was breached”.

“The current movement is viewed as a corrective pull-back which has scope to extend lower to 108.40/45”.

“Resistance is at 110.00 and the recent high near 110.60 is unlikely to come under threat, at least not for the next several days”.