USD/JPY bullish above 110.60 – UOB

The research team at UOB Group argued the pair needs a close above 110.60 in order to turn to a bullish outlook.

Key Quotes

“The strong USD rally that started during NY session last Friday is turning impulsive and further extension to 111.30 would not be surprising. In order to maintain the strong momentum, any pull-back should not move back below 110.30/35”.

“As highlighted last Friday, the recent short-term consolidation is likely a prelude for a stronger USD but the rally from the 109.45 low last Friday has been more rapid and impulsive than expected”.

“From here, a daily close above 110.60 would indicate that the recent bullish USD phase has resumed (immediate target would be at the late April high of 110.85/90). This appears to be a likely scenario”.

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