USD/JPY bearish stance unchanged – UOB

The research team at UOB Group expects the pair to extend its pullback in the next 1-3 weeks.

Key Quotes

“We turned bearish USD yesterday but as mentioned, it appears that we may have seen the bulk of the weakness”.

“While the immediate 109.50 target was exceeded, the current drop is over-extended and any further down-move will likely be at a slower pace”.

“The next level to aim for is at 109.00. Stop-loss is adjusted sharply lower to 110.60 from 111.60”.