USD/JPY: Immediate target is the 107.10/30 area – OCBC

On Thursday, the USD/JPY pair extended higher in a consistent fashion and Terence Wu, FX Strategist at OCBC Bank, continues to favour the US dollar against the Japanese yen.

Key quotes

“The 106.20 was eclipsed quickly as the immediate target shifts to 107.10/30 levels.” 

“Continue to favour upside as a beneficiary of better yield differentials in favour of the USD, with initial support at 105.80.”