USD/JPY bullish, scope for a test of 102.80 – UOB

USD/JPY’s outlook remains on the bullish side and could visit the 102.80 area, suggested analysts at UOB Group.

Key Quotes

“We shifted to a neutral stance last Friday and did not expect the subsequent strong rally that easily took out successive major resistances”.

“The outlook for USD has shifted to bullish but it seems that we may have seen a chunk of the up-move and from here, the upside potential appears to be limited to 102.80 (minor peak seen earlier this month)”.

“In order to maintain the current bullish momentum, any pull-back should not move back below 101.00”.