USD/JPY cleared 109.70, now eyes 111.00 – UOB

The research team at UOB Group has turned bullish on USD/JPY and believes it could test 111.00 in the short term.

Key Quotes

“The 109.70 target was finally met yesterday and the bullish phase that started last week is still clearly intact”.

“That said, shorter-term indicators are overbought now and those who are long from last week should look to take partial profit at 110.60”.

“This is a major resistance and may not be easy to crack but a clear move above this level would shift the focus to 111.00 followed by the 111.90 high seen in late April. Stop-loss is adjusted higher to 109.00 from 108.20”.