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5 Dec 2014
USD/JPY to continue towards 121.00 – UOB
FXStreet (Barcelona) - The UOB Group Research Team anticipates the USD/JPY pair to continue a mover towards 121.00 levels, with the mid-term outlook remaining bullish.
Key Quotes
“USD exceeded the short-term resistant at 120.20 (high of 120.25) before pulling back sharply. While the mid-term outlook is still bullish and we continue to expect a move towards 121.00, short-term price action suggests that a deeper pull-back is imminent. That said, only an unexpected break below the trailing-stop at 118.70 would indicate a possible mid-term top.“
Key Quotes
“USD exceeded the short-term resistant at 120.20 (high of 120.25) before pulling back sharply. While the mid-term outlook is still bullish and we continue to expect a move towards 121.00, short-term price action suggests that a deeper pull-back is imminent. That said, only an unexpected break below the trailing-stop at 118.70 would indicate a possible mid-term top.“