USD/JPY short-term pressure on the upside – UOB

FXStreet (Barcelona) - Analysts at UOB Group, note that USD/JPY favours the upside in the short-term, but requires a move above 120.70 to shift to a bullish stance.

Key Quotes

“USD moved above the top of our expected neutral range of 118.30/120.35 with an overnight high of 120.44.”

“While upward momentum has clearly improved, we will adopt a bullish USD stance only upon a clear break above 120.70.”

“That said, short-term pressure is clearly on the upside and only a break below 119.70 would indicate that a short-term top is in place.”