USD/JPY still targets 104.00 – UOB

USD/JPY could reach the 104.00 handle in the next 1-3 weeks, suggested analysts at UOB Group.

Key Quotes

“USD surged to a high of 104.00 but the up-move was shortlived. The subsequent plunge from the high has clearly dented the recent strong upward momentum and from here, the immediate bias is for a probe to the downside”.

“The revised 104.00 was met yesterday but the subsequent sharp drop has clearly dented the recent upward momentum. While the outlook is still deemed as bullish, USD has to punch through 104.00 soon as a prolonged consolidation below this level would lead to a rapid loss in momentum. Support is at 102.70 but only a break below the stop-loss at 102.00 (unchanged) would indicate that the bullish phase has ended”.