USD/JPY: Likely Firm Towards 110 Unless It Breaks Below 109.10 – UOB

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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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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.