USD/JPY remains bullish, now eyes 105.00 – UOB

In view of the research team at UOB Group, USD/JPY keeps the positive stance intact and could now test the 105.00 area.

Key Quotes

“Instead of trading sideways as expected, USD surged above the major 104.15/30 resistance to reach a high 104.48. The rally appears to have scope to extend further but at this stage, a clear break above 105.00 seems unlikely. Support is at 104.10 but only a move below 103.80 would indicate that the immediate upward pressure has eased”.

“USD came back to life and we are pleasantly surprised by the sudden surge that exceeded the major 104.30 resistance. That said, we are still uncomfortable with the technical signals and those who are long (bullish phase started last week) should look to take at least partial profit at 105.00”.