USD/JPY still targets 100.00 – UOB

USD/JPY could still attempt a new visit of the 100.00 area, according to the research team at UOB Group.

Key Quotes

“The 101.10 target that was first indicated on Monday was quickly exceeded (low of 100.65 so far)”.

“Downward momentum remains strong and the next obvious level to aim for is at 100.00/05, the low in early July. Below this level, the next support is at 99.08, the low on the day of Brexit”.

“Overall, the outlook for USD is viewed as bearish until the stop-loss at 102.80 is taken out. On a shorter-term note, 101.95/00 is already a very strong resistance”.