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USD/JPY seen testing 111.65 – UOB

FX Strategists at UOB Group stay bearish on the pair, while a test of the 111.60 area still remains on the cards.

Key Quotes

24-hour view: “Expectation for further decline was wrong as USD staged a rather strong rebound to hit an overnight high of 112.72. From here, a move above the overnight high would not be surprising but the major 113.00 resistance is unlikely to yield so easily. Support is at 112.30 followed by 112.00”.

Next 1-3 weeks: “The outlook for USD shifted to bearish last week when it broke clearly below the 112.95/00 support. The immediate target is for a test of Oct’s 111.65 low. A clear break below this level would shift the focus to 111.00. ‘Stop-loss’ is at 113.00”.

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