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10 Apr 2015
USD/JPY requires a close above 120.70 to confirm additional gains – UOB
FXStreet (Barcelona) - Analysts at UOB Group maintain their neutral outlook for USD/JPY, noting that the pair requires a daily close above 120.70 to see further gains above the 121.00 handle.
Key Quotes
“Short-term upward momentum continues to improve as USD edged above the major resistance at 120.70 yesterday (high of 120.74).”
“We are holding on to our neutral USD for now but a daily close above 120.70 by the end NY session today will increase the probability of a sustained break above the next major resistance at 121.20.”
“On a short-term basis, only a move back below 120.10 would indicate that the immediate upside pressure has eased.”
Key Quotes
“Short-term upward momentum continues to improve as USD edged above the major resistance at 120.70 yesterday (high of 120.74).”
“We are holding on to our neutral USD for now but a daily close above 120.70 by the end NY session today will increase the probability of a sustained break above the next major resistance at 121.20.”
“On a short-term basis, only a move back below 120.10 would indicate that the immediate upside pressure has eased.”