USD/JPY scope for a visit to 115.60 – UOB

In opinion of FX Strategists at UOB Group, the upside momentum in USD/JPY could extend towards the 115.60 area.

Key Quotes

“The strong resistance highlighted at 115.00 yesterday easily checked the USD advance (high of 114.82). The current movement is viewed as a corrective pull-back which appears to have scope to extend lower to 113.50”.

“As noted yesterday, despite the over-extended rally, USD appears to have enough momentum to extend higher towards the major level of 115.60. In order to maintain the current overbought momentum, any pull-back should not move back below 113.20”.