USD/JPY bullish above 103.50 – UOB

The research team at UOB Group suggested USD/JPY’s outlook would turn to bullish on a surpass of 103.50.

Key Quotes

“While we highlighted the waning downward pressure in USD, the strong and abrupt rally yesterday was clearly unexpected”.

“Upward momentum is picking up rapidly but only a daily closing above 103.50 would indicate that the current neutral phase has shifted to bullish”.

“Overall, the upward pressure would continue to increase unless there is move back below 101.50”.