USD/JPY expects further gains above 110.55/60 – UOB

The research team at UOB Group sees the pair climbing further on a break above the 110.55/60 band.

Key Quotes

“The call to take partial profit at 110.45 was timely as USD dropped sharply after touching a high of 110.58”.

“The risk of a short-term top has increased significantly but confirmation is only upon a break of the stop-loss at 109.20 (adjusted slightly higher from 109.00)”.

“On the upside, 110.55/60 is acting a major resistance now and further USD strength is contingent upon a clear break above this level”.