7 Jun 2013
Flash: USD/JPY to remain under pressure - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank expects USD/JPY to remain under Nikkei led pressure while AUD remains fragile.
He begins by commenting that he expects official Japanese discomfort with JPY strength to remain visible following the MOF’s Yamasaki remarks stating that overnight movements in USD/JPY was quite rapid. In the interim, the negative Nikkei will likely continue to keep the USD/JPY suppressed after the pair’s slump overnight. He writes, “Immediate support is expected on approach of the 96.00/30 neighborhood with a top heavy posture expected to prevail for now.”
Further, he adds that the AUD received a much needed reprieve on Thursday but the currency’s gains were relatively lackluster. He expects market sentiment towards the AUD to remain fragile at best with the pair still inhabiting sub-0.9600 levels. Pending the US labor market numbers tonight, he feels that investors may continue to fade any uptick towards the 0.9600-0.9650 zone with near term support seen towards the 0.9500/30 area.
He begins by commenting that he expects official Japanese discomfort with JPY strength to remain visible following the MOF’s Yamasaki remarks stating that overnight movements in USD/JPY was quite rapid. In the interim, the negative Nikkei will likely continue to keep the USD/JPY suppressed after the pair’s slump overnight. He writes, “Immediate support is expected on approach of the 96.00/30 neighborhood with a top heavy posture expected to prevail for now.”
Further, he adds that the AUD received a much needed reprieve on Thursday but the currency’s gains were relatively lackluster. He expects market sentiment towards the AUD to remain fragile at best with the pair still inhabiting sub-0.9600 levels. Pending the US labor market numbers tonight, he feels that investors may continue to fade any uptick towards the 0.9600-0.9650 zone with near term support seen towards the 0.9500/30 area.