USD/JPY poised for a test above 110.00 – UOB

Analysts at UOB Group believe USD/JPY could re-visit levels above the 110.00 handle in the next weeks.

Key Quotes

“USD/JPY traded quietly the past few days and this has led to a quick loss in momentum”.

“However, the undertone is still clearly positive and we continue to anticipate a move to 109.70. This resistance has added significance now that it coincides with the falling trend-line”.

“A break above this level could lead to a rapid rise to the next major resistance at 110.60. Stop-loss for our bullish view is at 108.20 (adjusted slightly higher from 108.00)”.