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Sep 09 - 11:00 AM
USD/JPY: Rebound Has Scope To Extend To 107.90; Key Support At 106.30 - UOB
First appeared on eFXplus on Sep 09 - 09:15 AM

UOB Research discusses USD/JPY technical outlook and flags a scope for the current rebound to extend towards 107.90 in the near-term.

"After trading in an ‘undecided’ manner for several days, USD surged above the top of our expected 105.00/107.00 sideway trading range (high of 107.22). Despite the relatively strong advance, upward momentum has not improved by that much. For now, we view the current movement as a ‘rebound’ that has scope to extend to 107.90," UOB notes. 

"At this stage, the prospect for a sustained rise above 107.90 is not high. On the downside, a break of the strong 106.30 support would indicate the current upward pressure has eased," UOB adds. 

Source:
UOB Research/Market Commentary

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