USD/JPY still bullish, now looks to test 104.00 – UOB

Analysts at UOB Group remain bullish on USD/JPY, while a test of the 104.00 handle is now on the cards.

Key Quotes

“While we were of the view that USD could continue to advance, the sudden acceleration higher that sliced through the major 102.80 resistance was unexpected”.

“The outlook for USD is still clearly bullish and from here, the target has shifted to 104.00 (falling trend-line resistance & the minor low in late July)”.

“Stop-loss is adjusted higher to 101.50 from 101.00 even though from a shorter-term perspective, 102.40 is already a strong support”.