USD/JPY outlook remains neutral near-term – UOB

The pair’s perspective for the next 1-3 weeks remains on the neutral side, according to the research team at UOB Group.

Key Quotes

“The unexpected break of 114.60 indicates that the bearish phase that started early last week has ended. The outlook is viewed as neutral and USD is expected to trade in a broad 112.00/117.50 range for now”.

“The up-move appears to have scope to extend higher from here but a sustained break above 115.00 is unlikely. Strong support is at 113.80/85”.