22 Dec 2014
USD/JPY may test 121 in near-term – Scotiabank
FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, anticipates the USD/JPY pair to test 121 levels in the near term as technicals point towards a building upside momentum.
Key Quotes
“USDJPY is flat, but seems to be adhering to last week’s upward trend. There were no major data releases today, however Japan is the only major who will release top tier data on Christmas Day, with CPI. Governor Kuroda’s comments were inline with previous ones, accordingly there was limited market reaction.”
“USDJPY short‐term technicals: mixed—however upside pressure and building momentum leave USDJPY upside risk as the core theme into the open."
"We’d expect a near‐term test of 121 and eventually fresh highs above the December 8th 121.85.”
Key Quotes
“USDJPY is flat, but seems to be adhering to last week’s upward trend. There were no major data releases today, however Japan is the only major who will release top tier data on Christmas Day, with CPI. Governor Kuroda’s comments were inline with previous ones, accordingly there was limited market reaction.”
“USDJPY short‐term technicals: mixed—however upside pressure and building momentum leave USDJPY upside risk as the core theme into the open."
"We’d expect a near‐term test of 121 and eventually fresh highs above the December 8th 121.85.”