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USD/JPY upward momentum waning – UOB

FXStreet (Barcelona) - According to the Analysts at UOB Group, the upward momentum for the USD/JPY pair is waning but it is too early to expect a top just yet.

Key Quotes

“While the upward momentum is clearly waning, it is premature to expect a reversal just yet.”

“The outlook for this week is still viewed as bullish and a move higher towards last week’s peak near 118.96 will not be surprising but a sustained break above this level is not expected.”

“On the downside, a move below 116.80 would indicate that an interim top is in place for a pull-back 116.00 followed by 115.50.”

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