USD/JPY sticks to the bullish outlook – UOB

The pair’s perspective stays on the bullish side in the near term, suggested FX Strategists at UOB Group.

Key Quotes

“The 112.50 resistance was not threatened as USD traded mostly sideways yesterday within a range of 111.81/112.41. The underlying tone is still positive and we continue to anticipate this pair to move higher towards 112.50. A break of this level would shift the focus to 112.75/80”.

“We have been bullish USD since last Tuesday, 20 Jun (spot at 111.65). The major 112.10 resistance was finally breached as USD surged to a high of 112.46 yesterday. The outlook is still bullish but those who are long should look to exit half their position at 112.75, just below the major 112.80 resistance. A break above this level is not ruled out but this is a rather strong level and may not yield so easily (next resistance is at 113.15)”.