USD/JPY still bullish, targets 111.90 – UOB

The research team at UOB Group has reiterated the bullish stance of USD/JPY in the next 1-3 weeks.

Key Quotes

“The bullish USD phase that started last week is still clearly intact and the first target of 109.70 has been exceeded”.

“However, shorter-term indicators are clearly overbought and those who are long from last week should look to take partial profit as the rally approaches the next major resistance near the middle of the trading envelope (currently at 110.45)”.

“This is a strong level and a clear break would open up the way for further USD strength towards the next key resistance at 111.90. Overall, the outlook for USD is deemed as bullish unless the stop-loss at 109.00 is breached”.