USD/JPY remains bullish near term – UOB

FX Strategists at UOB Group noted the outlook on USD/JPY remains bullish and it could extend the upside above 111.45.

Key Quotes

“While the bullish outlook for USD is still intact, the recent strong rally appears to be struggling to move above the strong 111.45 resistance”.

“In order to maintain its bullish momentum, USD has to break clearly above this level within these 1 to 2 days”.

“A prolonged consolidation below this level would lead to a rapid loss in momentum which would increase the odds for a short-term top. Stop-loss for the bullish view is adjusted higher to 109.70 from 109.20”.

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