4 Feb 2014
Flash: JPY leading the pack - Scotiabank
FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted the strength of the Yen.
Key Quotes
"JPY is strong...trading to a fresh two-month high. Today’s shift came in tandem with a 2% drop in the Nikkei. Fundamentally, last week’s higher than expected inflation report takes some pressure off of the BoJ; however as the sales tax is implemented in the spring we would expect increased pressure on the BoJ."
"USD/JPY short term technicals: bearish all studies warn of further downside. We expect a near term test of the 100 day MA at 101.10."
Key Quotes
"JPY is strong...trading to a fresh two-month high. Today’s shift came in tandem with a 2% drop in the Nikkei. Fundamentally, last week’s higher than expected inflation report takes some pressure off of the BoJ; however as the sales tax is implemented in the spring we would expect increased pressure on the BoJ."
"USD/JPY short term technicals: bearish all studies warn of further downside. We expect a near term test of the 100 day MA at 101.10."