USD/JPY rebound could extend to 114.50 – UOB

In view of FX Strategists at UOB Group, the pair’s upside could reach the mid-114.00s in the near term.

Key Quotes

“We indicated last Friday that ‘the current rebound from the 111.55/60 low seen earlier this week appears to have ample momentum to extend further to 114.50’.

“The price action since then is in line with our expectation and a break above 114.50 would increase the prospect for a move towards the 115.35/40 high seen in late January”.

“At this stage, the odds for a sustained break above 115.35/40 are not high. Overall, the current positive undertone for USD would ease only when 112.60 is taken out (113.20 is already a strong short term support)”.