USD/JPY attention shifted to 110.60 – UOB

In view of analysts at UOB Group, further gains in USD/JPY lies in case of a breakout of 110.60.

Key Quotes

“We shifted from a bullish to neutral stance yesterday and were of the view that the pull-back has scope to extend lower to 108.40/45”.

“However, the surprising rapid and sharp recovery suggests the short-term pressure has swung back to the upside”.

“That said, only a clear break above 110.60 would indicate that USD is heading higher in the coming days”.