USD/JPY now aims to 106.00 – UOB

The research team at UOB Group sees USD/JPY on its way to visit the key 106.0 handle in the next 1-3 weeks.

Key Quotes

“As highlighted yesterday, the clear break above the major 103.50 resistance (minor high & falling trend-line) suggests that the outlook for USD has shifted to bullish”.

“The immediate target is for a move to another major level at 106.00. The next resistance above this level is at 106.80, the high seen on the day of Brexit”.

“In order to maintain the current momentum, short-term pullback has to hold above 102.40. However, on a shorter-term note, 103.50 is already a strong support”.