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Jun 30 - 12:55 PM

USD/JPY: Upward Momentum Improving; Tactically Bullish Towards 108.40 - UOB

By eFXdata  —  Jun 30 - 10:45 AM

UOB discusses USD/.JPY technical outlook and adopts a tactical bullish bias in the near-term.

"USD moved above the top of our expected 106.40/107.80 range yesterday (high of 107.87). Upward momentum is beginning to improve and USD could strengthen towards 108.40. As the build-up in momentum is still in its nascent stage, it is too early to expect a sustained move above 108.40," UOB notes. 

"On the downside, a breach of 107.00 (‘strong support’ level) would indicate that the current upward pressure has eased," UOB adds. 

Source:
UOB Research/Market Commentary

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