USD/JPY could struggle to advance further – UOB

In opinion of the research team at UOB Group, USD/JPY could find it difficult to advance above 106.60 for the time being.

Key Quotes

“While USD made a fresh high of 106.52, upward momentum is patchy at best and any further up-move would likely be a struggle. For now, a move beyond the major 106.60/80 resistance zone is not expected”.

“While USD made a fresh high of 106.52 high yesterday, the price action appears to be a topping process and the risk of a short-term peak is increasing”.

“Those who are long from last week should continue to look to take profit at 106.60 (ahead of the 106.80 high seen on the day of Brexit). In the meanwhile, stop-loss is adjusted higher to 105.00 from 104.50”.