FXStreet reports that FX Strategists at UOB Group.noted that extra gains in USD/JPY are likely once 111.00 is cleared.
Next 1-3 weeks: “On Monday, we held the view that USD has moved into a consolidation phase and we expected USD to trade within a 109.60/110.80 range. We did not anticipate the rapid manner by which USD approaches the top of the expected range (overnight high of 110.79). Upward momentum has improved but not by all that much. From here, USD has to close above the major resistance at 111.00 before a sustained advance can be expected. The prospect for such a move appears to be high as long as USD stays above 110.05 within these few days. Looking ahead, the next resistance above 111.00 is at 111.35.”
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