According to FX Strategists at UOB Group, USD/JPY now shifts the attention to a potential move to the 109.85 level in the next weeks. Key Quotes 24-hour view: “We expected USD to strengthen yesterday but we were of the view ‘overbought conditions suggest the resistance at 109.00 is unlikely to come into the picture’. USD rose to 108.94 before extending its gains above 109.00 after the close in NY. While severely overstretched, the rally could grind higher to 109.50. The next resistance at 109.85 is likely out of reach. On the downside, the support at 108.50 is expected to act as a floor for today (minor support is at 108.80).” Next 1-3 weeks: “We have expected USD to move higher for more than a week now. In our latest narrative from yesterday (08 Mar, spot at 108.35), we held the view that ‘further USD strength still appears likely but overbought shorter-term conditions suggest 109.00 may not come into the picture so soon’. We underestimated the strength of the rally as USD surged above 109.00 after NY close. The outlook for USD is still clearly positive and the next level to focus on is at 109.85. Overall, the current positive outlook is deemed intact as long as USD does not move below 108.00 (‘strong support’ level was at 107.35 yesterday).” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD holds the bounce above 0.7650, cheers the uptick in S&P 500 futures FX Street 1 year According to FX Strategists at UOB Group, USD/JPY now shifts the attention to a potential move to the 109.85 level in the next weeks. Key Quotes 24-hour view: "We expected USD to strengthen yesterday but we were of the view 'overbought conditions suggest the resistance at 109.00 is unlikely to come into the picture'. USD rose to 108.94 before extending its gains above 109.00 after the close in NY. While severely overstretched, the rally could grind higher to 109.50. The next resistance at 109.85 is likely out of reach. On the downside, the support at 108.50 is expected to act… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.