18 Jun 2015
USD/JPY: break below 122.46 required for additional declines – Scotiabank
FXStreet (Barcelona) - Eric Theoret, CFA, CMT, Currency Strategist at Scotiabank, notes that although short-term technicals point towards a neutral-bearish outlook for USD/JPY, the pair requires a push below 122.46 to see declines towards 121.56.
Key Quotes
“JPY is up, rising in response to the post-Fed adjustment in light of a more gradual normalization path. Risk now turns to the BoJ policy decision at 11:00pm EST, with expectations of a steady policy stance and potential for an improved tone in light of stronger Q1 GDP data.”
“USDJPY short-term technicals: neutral-bearish—RSI has broken below 50, however USDJPY has yet to break to downside of June 10 range with focus on low at 122.46. A test of this level would shift the focus to the May 26 open 121.56.”
Key Quotes
“JPY is up, rising in response to the post-Fed adjustment in light of a more gradual normalization path. Risk now turns to the BoJ policy decision at 11:00pm EST, with expectations of a steady policy stance and potential for an improved tone in light of stronger Q1 GDP data.”
“USDJPY short-term technicals: neutral-bearish—RSI has broken below 50, however USDJPY has yet to break to downside of June 10 range with focus on low at 122.46. A test of this level would shift the focus to the May 26 open 121.56.”