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USD/JPY looks firmer and targets 109.30 – UOB

FXStreet reports that UOB Group’s FX Strategists noted that USD/JPY could visit the 109.30 area in the next weeks. 

Next 1-3 weeks: “Yesterday, we highlighted that the ‘recent weak phase has run its course’. We added, USD ‘is in a consolidation but is likely to test the top of the expected 107.60/108.75 range first’. While our view was correct, we did not anticipate the rapid surge that took out the 108.75 resistance. Momentum has improved quickly and considerably. Further gains to 109.30 would not be surprising but at this stage, the prospect for extension to 109.70 is not high. Overall, USD is expected to trade with an upward bias as long as it does not move below the ‘strong support’ level at 108.00. On a shorter-term note, 108.35 is already quite a strong level.”

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