USD/JPY targets 111.90 – UOB

The research team at UOB Group expects the pair to extend the upside towards the 111.90 region.

Key Quotes

“The target indicated at 111.30 was exceeded as USD surged to a high of 111.43. Momentum indicators are showing signs of slowing and this coupled with overbought conditions suggests that a temporary top is likely in place”.

“As indicated yesterday, a daily closing above 110.60 would indicate that the bullish phase in USD has resumed. From here, the immediate target is for a move to the late April high of 111.85/90. Stop-loss is at 110.00”.