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15 Apr 2015
USD/JPY awaiting a USD catalyst – OCBC
FXStreet (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank, comments that USD/JPY might remain in the 120.00-119.00 range, awaiting further US-centric cues.
Key Quotes
“USD-JPY may stabilize somewhat after Koichi Hamada, key advisor to the PM, clarified his earlier comments and stated on Tuesday that the yen is fairly valued at current levels.”
“Going ahead therefore, the pair may have to look to US-centric cues instead with the 55-day MA (119.60) posing an immediate cap before 120.00 while a psychological 119.00 floor may hold pending further cues. We stay heavy on the pair in the interim.”
Key Quotes
“USD-JPY may stabilize somewhat after Koichi Hamada, key advisor to the PM, clarified his earlier comments and stated on Tuesday that the yen is fairly valued at current levels.”
“Going ahead therefore, the pair may have to look to US-centric cues instead with the 55-day MA (119.60) posing an immediate cap before 120.00 while a psychological 119.00 floor may hold pending further cues. We stay heavy on the pair in the interim.”