USD/JPY stays supported at 112.00 – UOB

FX Strategists at UOB Group noted the pair should find solid contention in the 112.00 neighbourhood in the next weeks.

Key Quotes

“The strong 112.00 support was unthreatened as USD rebounded from a low of 112.30. Downward momentum has eased and USD is likely trying to form a short-term base”.

“From here, allow for a dip to 112.35/40 but 112.00 is expected to hold for a rebound to 113.05. At this stage, a sustained move above this level is not expected”.