USD/JPY well supported at 116.45 – UOB

FXStreet (Edinburgh) - The research team at UOB Group sees pullbacks in the pair to remain well supported around 116.45 in the near term.

Key Quotes

“The short-term rebound in USD touched a high of 118.37, just a few pips away from our stop-loss at 118.40”.

“While the subsequent sharp drop bodes well for our bearish view, we continue to see strong support at 116.45 and those who are shorts should at least book some profit at this level. Stop loss remains unchanged at 118.40 for now”.