USD/JPY bearish outlook remains intact – UOB

According to the research team at UOB Group, USD/JPY still points to further downside in the near term.

Key Quotes

“USD traded sideways as expected albeit at a lower and narrower range than anticipated. The outlook remains neutral and further sideway trading seems likely”.

“As highlighted yesterday, downward momentum remains strong and the outlook for USD is still bearish. A move below the recent low of 100.65 would shift the focus to 100.00/05, the low in early July”.

“Strong resistance is at 101.95 but only a move above the stop-loss at 102.40 (adjusted lower from 102.80) would indicate that the bearish phase has ended”.