Flash: USD/JPY held by key resistance, upside looms? – UBS

FXstreet.com (New York) – UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today’s majors and outline the technical positions.

Key quotes

Beginning with the USD/JPY, “The recent strength is trading just shy of first resistance at 99.34, a break above which would open 101.53. Support is at 96.91, indicating a bullish outlook.”

Regarding the GBP/USD, “Having advanced sharply, the pair is correcting and unwinding the sharp advance. Support is at 1.5536 ahead of 1.5423.
Resistance is at 1.5665 ahead of 1.5752, suggesting a neutral outlook”

Finally, in terms of the USD/CHF, As bearish conditions persist, there is scope for further weakness …read more