USD/JPY scope for a test of 116.50 – UOB

In view of Strategists at UOB Group, the pair could extend its upside to the mid-116.00s in the near term.

Key Quotes

“The ease of which the major 115.00 resistance was taken out last Friday was unexpected. While indicators are mostly overbought after the sharp rise, the current USD strength appears to have scope to extend further to 116.50 (low in August 2015) even though at this stage, a sustained move above this level seems unlikely”.

“That said, the current positive undertone is intact unless there is a move back below 114.30”.