USD/JPY bullish on a close above 103.30 – UOB

USD/JPY’s outlook is expected to shift to bullish from neutral on a close above 103.30, suggested analysts at UOB Group.

Key Quotes

“USD dipped briefly below the 101.45/50 support (low of 101.40) before turning around quickly and rose to a high of 102.74. While upward momentum is not that impulsive, the current USD strength appears to have scope to move higher towards last Friday’s high at 103.05”.

“While the undertone for USD has improved considerably, we prefer to see a daily closing above 103.30 (trend-line resistance) before turning bullish. This appears to be a likely scenario unless there is a move back below 102.00 in the next few days”.