USD/JPY: Momentum remains positive and targets 116.50 – UOB By pabspiovano USDJPY Currencies Majors Banks
is still expected to advance to the mid-116.00s in the next weeks amidst the current upbeat momentum.24-hour view: “We highlighted yesterday that ‘further USD strength is not ruled out but deeply overbought conditions suggest that 116.50 could be out of reach’. However, USD pulled back to 115.63 before rebounding to 116.24 during NY session. Despite the rebound, upward momentum has not improved by much. From here, USD could edge higher but any advance is unlikely to break 116.50 today.
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