FX Strategists at UOB Group stays constructive on USD/JPY and forecast extra gains on a move above the 122.40 region in the near-term. Key Quotes 24-hour view: “USD surged past 112.00 and hit 112.21 before closing at its highest level since April last year (NY close of 112.11). After the supersized surge over the past couple of days, it is too early to expect a pull-back. From here, USD could move above the 112.21 but there is a solid resistance at 112.40 and this level may not yield so easily. That said, a breach of this major level could lead further rapid rise as the next resistance of note is at 113.00. On the downside, 111.40 is expected to be strong enough to hold any intraday weakness (111.70 is already quite a strong support).” Next 1-3 weeks: “While we indicated yesterday (20 Feb, spot at 111.25) that the “abrupt and powerful rally in USD could extend to 112.00”, the speeded up price action wherein USD rocketed to a high of 112.21 was not exactly expected (USD gained a whopping +2.05% over the past two days, the largest 2-day gain since Sep 2017). From here, all eyes are on the solid mid-term resistance at 112.40. A break of this critical level could spur further USD gains towards 113.30 in the coming days. Only a move below 111.20 (‘strong support’ level was at 110.30 yesterday) would indicate that the current rally has run out of gas.” 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 Palladium: Coronavirus does not take down prices – ANZ FX Street 2 years FX Strategists at UOB Group stays constructive on USD/JPY and forecast extra gains on a move above the 122.40 region in the near-term. Key Quotes 24-hour view: “USD surged past 112.00 and hit 112.21 before closing at its highest level since April last year (NY close of 112.11). After the supersized surge over the past couple of days, it is too early to expect a pull-back. From here, USD could move above the 112.21 but there is a solid resistance at 112.40 and this level may not yield so easily. That said, a breach of this major level could lead… 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.