11 Feb 2015
USD/JPY targeting 120.75 – UOB Group
FXStreet (Barcelona) - Analysts at UOB Group see the recent break above 119.30 for USD/JPY as the start of a fresh bullish phase, targeting 120.75 levels in the coming 1-2 weeks.
Key Quotes
“As we have highlighted in recent days, a clear break above 119.30 would indicate the start of a fresh bullish phase.”
“We believe the overnight rally is only the early part of a sustained up-move that is expected to extend to 120.75 in the next 1 to 2 weeks.”
“Upward momentum is strong and impulsive, so any pull-back is likely to be shallow.”
“Strong support is at 118.80 but only a break below 118.30 would indicate that that the bullish USD view is wrong.”
Key Quotes
“As we have highlighted in recent days, a clear break above 119.30 would indicate the start of a fresh bullish phase.”
“We believe the overnight rally is only the early part of a sustained up-move that is expected to extend to 120.75 in the next 1 to 2 weeks.”
“Upward momentum is strong and impulsive, so any pull-back is likely to be shallow.”
“Strong support is at 118.80 but only a break below 118.30 would indicate that that the bullish USD view is wrong.”