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.Get the 5 most predictable currency pairs