Dollar/yen has been moving higher but seems to hesitate ahead of 1.10. Where next?
Here is their view, courtesy of eFXdata:
UOB Research discusses USD/JPY technical outlook and adopts a tactical bullish bias against a break below 109.10.
“USD eked out a 6-month high of 109.66 last Friday before closing largely unchanged at 109.51 (+0.01%). The price action was not out of line with our view from last Thursday (28 Nov, spot at 109.40) wherein “upward momentum has improved” and the “focus is at 109.75″. As highlighted, a clear break of 109.75 would greatly increase the prospect for USD to move above the next resistance at 110.00,” UOB notes.
“All in, USD is expected to stay firm unless it moves below 109.10 (‘strong support’ level previously at 108.80),” UOB adds.
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