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Forex pairs in this Article » USD/JPY (Edinburgh) - Quek Ser Leang, Market Strategist at UOB Group comments that despite sharp drop from the high of 103.38, the bullish USD/JPY outlook is still intact.

Key Quotes

“While the sharp drop from the high of 103.38 yesterday has dented the short-term upward momentum, the mid-term outlook still appears to be bullish.”

“Having said that, the year’s high at 103.74 is a significant resistant and any further rally will likely struggle to clear this level.”

“Only a move below the key support at 101.30 will suggest that a bearish reversal is imminent.”
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