USD/JPY still capped around 109.70 – UOB

Bullish attempts in USD/JPY remain capped by the 109.70 area, according to analysts at UOB Group.

Key Quotes

“The strong resistance at 109.70 continues to cap and the recent strong upward momentum is showing signs of waning”.

“This pair has to move above 109.70 soon as a prolonged consolidation below this level would lead to a rapid loss in momentum. Stop-loss for our bullish view is adjusted higher to 108.00 from 107.50”.