USD/JPY bullish, still targets 106.80 – UOB

According to analysts at UOB Group, USD/JPY’s outlook remains on the bullish side and it still targets 106.80.

Key Quotes

“While the 106.00 target that was first highlighted last Wednesday was exceeded, USD dropped sharply after touching a high of 106.30”.

“As mentioned previously, the next resistance above 106.00 is at the 106.80 high seen on the day of Brexit”.

“That said, the pullback has dented the recent impulsive momentum and those who are long should look to book partial profit at 106.60, ahead of the major 106.80 level. Stop-loss is adjusted higher to 104.50 from 104.00”.