USD/JPY: Upward Momentum Improving; Tactically Bullish Towards 108.40 – UOB

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USD/JPY is showing some upward momentum. What is the near-term outlook for USD/JPY?

UOB discusses USD/JPY technical outlook and adopts a tactical bullish bias in the near-term.

Here is their view, courtesy of eFXdata:

“USD moved above the top of our expected 106.40/107.80 range yesterday (high of 107.87). Upward momentum is beginning to improve and USD could strengthen towards 108.40. As the build-up in momentum is still in its nascent stage, it is too early to expect a sustained move above 108.40,” UOB notes.

“On the downside, a breach of 107.00 (‘strong support’ level) would indicate that the current upward pressure has eased,” UOB adds.

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Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer.