USD/JPY still targets a breakout of 112.00 – UOB
|FX Strategists at UOB Group remain bullish on the pair, eyeing a break above the key 112.00 handle in the next weeks.
Key Quotes
“USD dipped below 111.00 to touch a low of 110.92 but the down-move was not sustained. This pair is likely still caught in a consolidation phase and range trading is expected from here, likely between 110.90 and 111.70. 111.70 is quite a critical resistance and a clear break of this level could lead to a rapid rise to 112.10”.
“USD touched a low of 110.92 yesterday, several pips above the stop-loss for our bullish view at 110.85. While upward momentum has been dented, the overall technical outlook still appears positive and we continue to anticipate a move above the major 112.10 resistance. However, this has to happen soon as a prolonged consolidation at these levels would lead to a rapid loss in momentum”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.