USD/JPY bullish, attention to 113.80 – UOB

Pablo Piovano FXStreet

According to FX Strategists at UOB Group, USD/JPY remains bullish with the next target at the 113.80 region.

Key Quotes

24-hour view: “The expected ‘extension higher’ exceeded the 112.95 resistance as USD touched a high of 113.05. Upward pressure has eased with the rapid pullback from the high and USD has likely moved into a consolidation phase. In other words, expect sideway trading for today, likely between 112.45 and 113.10”.

Next 1-3 weeks: “The bullish phase that started last Friday is still intact as we continue to anticipate a move higher towards 113.80. Positioning wise, those who entered long at 112.40 may like to adjust the stop-loss higher to 112.20 from 111.90”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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