USD/JPY short-term top above 104.00? – UOB

The research team at UOB Group believes USD/JPY could have carved a short-term peak above the 104.00 handle.

Key Quotes

“After several days of strong gains, USD pulled back sharply last Friday and is currently approaching the key 102.70 support”.

“The risk of a short-term top has increased considerably and unless USD can move and stay above 103.80 within these 1 to 2 days, a break below 102.70 would not be surprising”.

“A breach of 102.70 would indicate that 104.15 is a short-term peak (just below the revised target of 104.30) and the start of a neutral consolidation phase, likely within a broad 102.00/104.00 range”.

Oct 10, 2016

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