USD/JPY undertone remains positive – UOB

In view of FX Strategists at UOB Group, the pair’s stance remains constructive in the near term.

Key Quotes

“USD touched a high of 113.08 yesterday, holding below the strong resistance highlighted at 113.15 in recent updates”.

“Despite the pullback from the high, the undertone is still positive but as indicated previously, only a clear break above 113.15 would suggest a stronger recovery towards 113.70 has started”.

“Overall, USD is expected to stay underpinned as long as the key short-term support at 111.30 is intact”.