A target of 106 on USD/JPY from UOB.

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UOB analyst provided their outlook on USD/JPY today, suggesting a target of 106 on this pair. “The expected extension to 108.20 turned into a rout as USD plummeted to a low of 106.48 last Friday. While severely over-extended, the current USD weakness could extend lower to 106.00 even though oversold shorter-term indicators suggest a slower pace of decline. Our bearish view is wrong on 108.10 break even though 107.50 is already a strong short-term resistance” written in the report.

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