12 Jun 2015
USD/JPY short-term technicals remain mixed – Scotiabank
FXStreet (Barcelona) - Eric Theoret, CFA, CMT, Currency Strategist at Scotiabank, notes that USD/JPY trades soft within a tight range, while technicals point to a mixed outlook.
Key Quotes
“JPY is soft, weakening within a relatively narrow range as it struggles to retrace Wednesday’s Kuroda-driven surge. JPY is vulnerable as we enter weekend risk centered on Greece, with the potential for further knee-jerk gains driven by risk aversion. The response to improved industrial production has been relatively muted, and near term domestic risk shifts to next week’s trade data.”
“USDJPY short-term technicals: mixed—signals are conflicted, we see support at the 21 day MA (122.96) and resistance at the 9 day MA (124.11), followed by Wednesday’s open 124.34.”
Key Quotes
“JPY is soft, weakening within a relatively narrow range as it struggles to retrace Wednesday’s Kuroda-driven surge. JPY is vulnerable as we enter weekend risk centered on Greece, with the potential for further knee-jerk gains driven by risk aversion. The response to improved industrial production has been relatively muted, and near term domestic risk shifts to next week’s trade data.”
“USDJPY short-term technicals: mixed—signals are conflicted, we see support at the 21 day MA (122.96) and resistance at the 9 day MA (124.11), followed by Wednesday’s open 124.34.”