USD/JPY bullish, could test the mid-107.00s – UOB

In view of strategists at UOB Group, USD/JPY keeps its bullish perspective and could advance to the 107.50 area in the near-term.

Key Quotes

“The wild swing yesterday finally ended with USD closing near the high”.

“The rally is clearly over-extended but based on the current momentum, there appears to be room for further extension to 106.50 (next significant resistance is at the July’s high of 107.45/50)”.

“Strong support is at 104.70 but only a move back below 103.50 would indicate that a short-term top is in place”.

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