USD/JPY still targets 109.70 – UOB

The research team at UOB Group reiterated USD/JPY’s initial target at 109.70 in the next weeks.

Key Quotes

“USD touched a high of 109.64 yesterday, just below the 109.70 target”.

“The quick pull-back has clearly dented the upward momentum but confirmation of a short-term top is only upon a move below 108.20”.

“Until then, another attempt to take out 109.70 is still a distinct possibility”.