USD/JPY bullish above 102.30 – UOB

The outlook on USD/JPY will shift to bullish from neutral on a close above 102.30, suggested analysts at UOB Group.

Key Quotes

“USD had a quiet session yesterday, trading with a narrow 101.19/101.65 range. However, the strong opening this morning has resulted in a positive undertone and from here, further advance to 102.05/10 would not be surprising. Support is at 101.40 followed by 101.15/20”.

“The undertone for USD has improved considerably and from here, a daily closing above 102.30 would indicate the start of a bullish phase (with an immediate target of 102.85). This appears to be a likely scenario as long as the strong 101.15/20 support is intact”.