USD/JPY: UOB doubts pair will pursue fall below 116.45, recommends that traders take profits near this level

This morning, UOB gave an update on its short-term outlook for the USD/JPY:

"The bear USD/JPY market, which began early last week lost its momentum, and it is becoming increasingly likely that the pair will attempt to establish a base in view of a recovery. However, this can only be confirmed with a break above 118.40.

On the other hand, a further decline phase can not be excluded, but at this stage, we expect very strong support at 116.45 and we do not expect a sustained downward movement below this threshold.

In other words, traders currently positioned on short trades should consider selling to take profits as 116,45 approaches."