24 Jul 2015
USD/JPY supported around 123.50 – OCBC Bank
FXStreet (Edinburgh) - Emmanuel Ng, FX Strategist at OCBC Bank, sees the pair well supported near 123.50.
Key Quotes
“Going ahead, any push higher by the USD-JPY may have to be predicated on renewed broad dollar bullishness with the JPY element expected to remain in background in the near term”.
“Pending further cues, the pair may continue to orbit the 124.00 region with first support seen towards 123.50”.
“Meanwhile, the July Nikkei Japan manufacturing PMI improved to a more than expected 51.4 (50.1), potentially discouraging upside tests for the pair, especially if global risk appetite levels remain fragile”.
Key Quotes
“Going ahead, any push higher by the USD-JPY may have to be predicated on renewed broad dollar bullishness with the JPY element expected to remain in background in the near term”.
“Pending further cues, the pair may continue to orbit the 124.00 region with first support seen towards 123.50”.
“Meanwhile, the July Nikkei Japan manufacturing PMI improved to a more than expected 51.4 (50.1), potentially discouraging upside tests for the pair, especially if global risk appetite levels remain fragile”.