8 Apr 2015
USD/JPY: below 120 opens up 119.42 – OCBC
FXStreet (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank, views that USD/JPY might remain capped at 120.80 and might target 119.42 to the downside.
Key Quotes
“Expect the balance of BOJ-Fed news flow today to determine further directionality for the pair in the near term with 120.80 expected to be an initial cap. On the downside, any retracement back below 120.00 opens the way to the 55-day MA (119.42). Short-end vols for the pair meanwhile remain subdued to heavy, implying little expectation of an imminent breakout.”
Key Quotes
“Expect the balance of BOJ-Fed news flow today to determine further directionality for the pair in the near term with 120.80 expected to be an initial cap. On the downside, any retracement back below 120.00 opens the way to the 55-day MA (119.42). Short-end vols for the pair meanwhile remain subdued to heavy, implying little expectation of an imminent breakout.”