USD/JPY set eyes on 111.45 – UOB

USD/JPY could attempt a visit to 111.45 in the next 1-3 weeks, according to strategists at UOB Group.

Key Quotes

“We highlighted yesterday that the odds for further USD strength would diminish unless there is a sharp rise above 109.75/00 within a couple of days”.

“This scenario unfolded overnight and now that we are clearly above 110.00, the most obvious level to aim for is at the 111.40/45 peak seen in late May”.

“Stop-loss remains is adjusted higher to 108.50 but 109.30 is likely strong enough to hold any short-term pullback”.

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