USD/JPY unlikely to break below 122.00/05 – UOB

FXStreet (Barcelona) – Analysts at UOB Group expect USD/JPY to hold the support at 122.00/05, and see the pair dipping lower before rebounding to the upside.

Key Quotes

“As pointed out yesterday, 122.00/05 is a major support and this level will unlikely break so easily. However, 123.20 is still a strong resistance and as long as this level is intact, we could see another attempt towards 122.15/20 before a stronger rebound can be expected.”

Analysts at UOB Group expect USD/JPY to hold the support at 122.00/05, and see the pair dipping lower before rebounding to the upside.

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