USD/JPY bullish stance persists – UOB

In opinion of FX Strategists at UOB Group, USD/JPY could see another test of the 115.00 neighbourhood in the next weeks.

Key Quotes

“Despite the quiet trading over the past few days, the undertone for USD still appears to be positive even though the odds for a stronger rebound to test the major 114.95 resistance have diminished”.

“USD has to move and stay above 114.30 within these 1 to 2 days or the prospect of further USD strength would continue to decrease. 114.95 is a rather strong resistance and at this stage, a sustained move above this level seems unlikely. On the downside, key support is still at 113.30/35”.