USD/JPY bullishness intact, aims to 114.55 – UOB

FX Strategists at UOB Group remain bullish on USD/JPY, while suggested it now targets the mid-114.00s in the near term.

Key Quotes

“USD just move above the 113.80 resistance at the time of writing. While further extension is not ruled out, the rally appears to be over-extended and the next resistance at 114.55 is another major level and is expected to offer solid resistance”.

“USD just exceeded the revised target of 113.80 at the time of writing. The relentless pace of gain came as a bit of surprise but with no signs of weakness just yet, the current up-trend could extend further to 114.55”.

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