USD/JPY downside appears limited – UOB

Further pullbacks in USD/JPY are unlikely in the next 1-3 weeks, according to the research team at UOB Group.

Key Quotes

“The dip is USD held above the 104.20 support with a low of 104.29. The subsequent rebound from the low is viewed as part of broader consolidation and only a clear break above 105.05 would indicate a sustained up-move”.

“Downward momentum has waned considerably and this coupled with oversold indicators suggests diminished odds for further USD weakness. Shorts should look to take profit on any dip to 103.50/55”.

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