USD/JPY: 123.50 likely to cap any recovery – UOB

FXStreet (Barcelona) - Analysts at UOB Group, see USD/JPY recovery possible ahead, but expect 123.50 to cap any recovery.

Key Quotes

“The strong resistance indicated at 124.05 yesterday was not threatened (high of 123.60) as USD dropped sharply to exceed our 123.05 target with a low of 122.46 (holding just above last week’s low at 122.43). The rebound from the low appears incomplete and but any further recovery is likely limited to 123.50. Strong support is at 122.75 ahead of the 122.46 low.”