USD/JPY bullish, focus on 104.30 – UOB

According to the research team at UOB Group, USD/JPY’s stance remains bullish with a target at 104.30.

Key Quotes

“The anticipated USD strength exceeded our expectation by slicing through the strong 103.35 resistance and surging to a high of 103.66. While further USD strength still seems likely in the days ahead, the current rally appears to be running ahead of itself and for today, any further up-move is unlikely to move clearly beyond the next strong resistance at 103.85. Support is at 103.00 but only a move below 102.70 would indicate that the immediate upward pressure has eased”.

“The shift to a bullish stance yesterday was timely as USD accelerated higher and the immediate target of 103.35 was quickly exceeded (high of 103.66). The next level to focus on is the early September high of 104.30”.