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