USD/JPY corrective upside likely to test 114 – UOB

The research team at UOB Group sees USD/JPY testing the 114.00 neighbourhood in the next 1-3 weeks.

Key Quotes

“We just shifted to a neutral stance yesterday and there is no change to the view”.

“The current movement is considered as a corrective rebound which has scope to extend higher to 114.00 and possibly 114.50”.

“Support levels have moved higher to 113.00 followed by 112.50 (from 112.50, 112.00)”.