USD/JPY outlook shifted to neutral – UOB

USD/JPY has shifted its stance to neutral from bearish in the next weeks, suggested analysts at UOB Group.

Key Quotes

“While upward momentum has improved further, any USD strength is not expected to move significantly above the strong 100.90/95 resistance. Support is at 100.30 followed by the rather strong level of 100.00”.

“As indicated yesterday, unless USD can move and stay below 99.90, the bearish outlook would shift to neutral. From here, sideway trading seems likely in the days ahead and only a clear break out of the expected 99.90/101.30 range would indicate the start of a sustained directional move”.