USD/JPY: bearish, looking to 109.90 while below 112.50 - UOB

In respect to USD/JPY, analysts at UOB Group explained that the outlook for USD has shifted to bearish and from here, the immediate target is at 110.85, the low registered in
November last year.

Key Quotes:

"This is a rather strong support and a break of this level could open up the way for a further decline towards the rising trend-line support on the weekly chart, connecting the lows of 101.15 (Nov 16) and 107.30 (Sep 2017), currently sitting near 109.90.

Resistance is at 112.05 but only a break of 112.50 would indicate that our bearish expectation is wrong."

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