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”.
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