FX Strategists at UOB Group see USD/JPY trading on a firm note with the likeliness of a test of 104.25 ahead of 104.60. Key Quotes 24-hour view: “While we noted yesterday that ‘downward pressure has dissipated’, we were of the view that ‘it is too early to expect USD to move higher in a sustained manner’. The surge in USD that sent it soaring to 103.95 and the subsequent strong daily closing of +0.74% higher (largest 1-day gain in 2 months) came as a surprise. Upward momentum is strong and the risk is for USD to continue to move higher. That said, overbought conditions suggest that the odds for of a break of the major resistance at 104.20 are not high (minor resistance is at 104.00). Support is at 103.60 followed by 103.40.” Next 1-3 weeks: “We highlighted yesterday (07 Jan, spot at 103.80) that ‘the outlook is mixed and USD could trade between 102.50 and 103.65 for a period of time’. The subsequent surge that sent USD to 103.95 came as a surprise. The rapid improvement in momentum indicates further USD strength from here. A break of the major resistance at 104.25 could potentially lead to further rapid rise in USD towards 104.60. Overall, USD is expected to trade on a firm footing as long as it holds above 103.00 (‘strong support’ level).” 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 USD/JPY to advance nicely towards 104.45 – Commerzbank FX Street 1 year FX Strategists at UOB Group see USD/JPY trading on a firm note with the likeliness of a test of 104.25 ahead of 104.60. Key Quotes 24-hour view: “While we noted yesterday that ‘downward pressure has dissipated’, we were of the view that ‘it is too early to expect USD to move higher in a sustained manner’. The surge in USD that sent it soaring to 103.95 and the subsequent strong daily closing of +0.74% higher (largest 1-day gain in 2 months) came as a surprise. Upward momentum is strong and the risk is for USD to continue to move higher.… 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.