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23 Sep 2014
USD/JPY technical are bullish - Scotiabank
FXStreet (Guatemala) - Eric Theoret, Currency Strategist at Scotiabank JPY is up vs the USD and a mid-performer among its G10 peers, with early China PMI-driven gains followed by participation in the broader USD move through the European session.
Key Quotes:
"Domestic data had no discernible impact on JPY, suggesting that the focus remains on broader dynamics."
"USD/JPY short-term technicals: Bullish—momentum indicators are bullish but moderating from overbought levels. For USD/JPY we expect and near term decline to be challenged below 108.37 the close from September 17. In terms of resistance, we await a sustained break above109.00."
Key Quotes:
"Domestic data had no discernible impact on JPY, suggesting that the focus remains on broader dynamics."
"USD/JPY short-term technicals: Bullish—momentum indicators are bullish but moderating from overbought levels. For USD/JPY we expect and near term decline to be challenged below 108.37 the close from September 17. In terms of resistance, we await a sustained break above109.00."