USD/JPY could extend towards 122.75 – UOB

FXStreet (Barcelona) - According to the Analysts at UOB Group, there is still time for a top to form for USD/JPY as the current USD strength could push the pair towards 122.75.

Key Quotes

“USD surged through the 121.00 target with a high of 121.67 last Friday. There is no reason to expect a top just yet and the current USD strength could extend towards 122.75. A move above this level will open up the way for a move to the June 2007 high of 124.14.”

“The trailing-stop for the bullish view has moved higher rapidly to 119.40 from 118.70 last Friday but 120.50 is likely strong enough to hold any short-term pull-back.”