USD/JPY: a bottom in place? 110 handle is significant- UOB

Analysts at UOB Group noted the dollar's resilience and higher levels for USD/JPY.

Key Quotes:

"While in overbought territory, the rally appears to have scope to extend higher to the next resistance at 109.70"

"We attach high importance to 110.00 as a clear break of this level would indicate that USD has likely made a significant low at 104.55 last month."

"In the meanwhile, we continue to expect USD to stay supported and only a break of 108.45 (‘key support’ previously at 108.15) would indicate that a top is in place."