USD/JPY bullish above 104.00 – UOB

Strategists at UOB Group have noted the bullish outlook on USD/JPY as long as it remains above 104.00.

Key Quotes

“USD rebounded to a high of 105.22 during NY session but eased off quickly. Shorter-term indictors are mixed and this pair has likely entered a consolidation phase. In other words, sideway trading is expected for today, likely within a 104.40/105.20 range”.

“The failure to move clearly above the major 105.50 resistance coupled with the rapid drop from the high has diminished the odds for further USD strength. However, only a move below 104.00 would indicate that the current bullish USD phase has ended”.