USD/JPY a test of 100.00 remains on the cards – UOB

Despite the recent recovery of USD/JPY, analysts at UOB Group have not ruled out a test of the 100.00 handle in the near term.

Key Quotes

“The strong rebound in USD appears incomplete and another leg higher to test the strong 102.40 resistance seems likely from here”.

“While the stop-loss for the current bearish USD view at 102.40 is still intact, the strong rebound last Friday clearly suggests an increasing risk of a short-term low. However, another leg lower to the ideal target at 100.05 is not ruled out just yet but those who are short should look to book partial profit on any dip to 101.05”.