15 Jun 2015
USD/JPY: risks centered on broader USD tone and BoJ meeting – Scotiabank
FXStreet (Barcelona) - Eric Theoret, CFA, CMT, Currency Strategist at Scotiabank, shares the technical outlook for USD/JPY and highlights the key risks ahead for the pair.
Key Quotes
“JPY is soft, consolidating within Friday’s range. Domestically-driven movement is likely to be limited ahead of Thursday’s BoJ meeting, with JPY vulnerability centered on the broader USD and the potential for risk aversion.”
“USDJPY short-term technicals: mixed—signals are conflicted and bearish trend indicators are softening. Support is seen at the 21 day MA (123.15), and we look to the potential for accelerated gains on a break above resistance near 123.80.”
Key Quotes
“JPY is soft, consolidating within Friday’s range. Domestically-driven movement is likely to be limited ahead of Thursday’s BoJ meeting, with JPY vulnerability centered on the broader USD and the potential for risk aversion.”
“USDJPY short-term technicals: mixed—signals are conflicted and bearish trend indicators are softening. Support is seen at the 21 day MA (123.15), and we look to the potential for accelerated gains on a break above resistance near 123.80.”