USD/JPY strong support at 108.40 – UOB Group

FXStreet (Edinburgh) - Quek Ser Leang, Market Strategist at UOB Group, believes USD/JPY is well supported in the 108.40 neighbourhood.

Key Quotes

“The sharp drop yesterday appears to be over-extended and further sustained down-move is not expected for today”.

“Expect a retest of the 108.65/70 support but as long as 108.40 is intact, this could lead to a recovery towards 109.20/25”.