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Sep 12 - 01:24 PM
USD/JPY: Next Pit-Stop Is At 108.50; Key Support At 107.20 - UOB
First appeared on eFXplus on Sep 12 - 11:30 AM

UOB Research discusses USD/JPY outlook and flags a scope for further upside towards 108.50.

"USD/JPY is still strong, next pit-stop is at 108.50. The 107.90 level that was highlighted last Friday (06 Sep, spot at 107.00) was exceeded at the time of writing. While our expectation for a rebound to 107.90 was correct, the pace of advance has been more rapid than anticipated. The price action has resulted in a sharp pick-up in momentum and the USD strength could carry it higher to the next pit-stop is at 108.50," UOB nites.

"On the downside, only a break of 107.20 (strong support previously at 106.30) would indicate that the current upward pressure has eased. Shorter-term, 107.50 is already a strong support level," UOB adds. 

Source:
UOB Research/Market Commentary

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