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14 Apr 2015
USD/JPY remains comfortable within its long-held range – Scotiabank
FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, views that USD/JPY might continue to trade in its long-held range only to break higher and close the year at 125.
Key Quotes
“JPY continues to trade within its range, relatively quiet against the USD; however EURJPY has dropped to fresh lows weighed down by the weak EUR. There was no data today with the focus on the broader FX market moves.”
“Comments yesterday by PM Abe’s adviser, Koichi Hamada, that at current levels the yen is ‘considerably weak’ and that it is likely coming closer to its limit bit by bit, helped to stabilize the currency.”
“In the near‐term we expect USDJPY to continue to range trade before eventually pushing higher and closing the year at 125.”
“USDJPY short‐term technicals: mixed—USDJPY is trading with a range, making technicals less relevant than they are in a trending environment.”
“Support comes in at the recent low of 118.72, while resistance comes in at the recent high of 120.84.”
Key Quotes
“JPY continues to trade within its range, relatively quiet against the USD; however EURJPY has dropped to fresh lows weighed down by the weak EUR. There was no data today with the focus on the broader FX market moves.”
“Comments yesterday by PM Abe’s adviser, Koichi Hamada, that at current levels the yen is ‘considerably weak’ and that it is likely coming closer to its limit bit by bit, helped to stabilize the currency.”
“In the near‐term we expect USDJPY to continue to range trade before eventually pushing higher and closing the year at 125.”
“USDJPY short‐term technicals: mixed—USDJPY is trading with a range, making technicals less relevant than they are in a trending environment.”
“Support comes in at the recent low of 118.72, while resistance comes in at the recent high of 120.84.”