USD/JPY bearish below 110.00 – UOB
|In opinion of FX Strategists at UOB Group, USD/JPY’s outlook should shift to bearish on a daily close below the 110.00 handle.
Key Quotes
“The failure to break below the major 110.00 support was not surprising (low of 110.09). The strong recovery from the low appears to have scope to extend higher but at this stage, a sustained move above 111.15/20 seems unlikely. Support is at 110.35 followed by the still very strong level of 110.00”.
“Despite the overall negative undertone, USD failed to break below 110.00 (low of 110.09). As highlighted yesterday, USD has to close below 110.00 to indicate that it has moved into a bearish phase. This scenario cannot be ruled out unless USD can move back above 111.50. A shift to a bearish phase would have an immediate target of 108.90”.
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