24 Jul 2015
USD/JPY: Yen is robust for now - Scotiabank
FXStreet (Guatemala) - Eric Theoret, CFA, CMT Currency Strategist at Scotiabank explained that USD/JPY is up modestly vs. the USD while underperforming most of the G10.
Key Quotes:
"Trading on the broader USD with limited influence from the release of softer domestic trade data given a disappointing pace of export growth and smaller than expected contraction in the pace of imports for June"
"Near term risk lies with the global growth update in light of the coming round of PMI’s, an important piece in terms of risk appetite."
"Short-term technicals are bullish—albeit modestly so, as we consider the moderation in bullish momentum indicators and recent consolidation over the past six sessions. We await a break of the recent range between 123.50 and 124.50"
Key Quotes:
"Trading on the broader USD with limited influence from the release of softer domestic trade data given a disappointing pace of export growth and smaller than expected contraction in the pace of imports for June"
"Near term risk lies with the global growth update in light of the coming round of PMI’s, an important piece in terms of risk appetite."
"Short-term technicals are bullish—albeit modestly so, as we consider the moderation in bullish momentum indicators and recent consolidation over the past six sessions. We await a break of the recent range between 123.50 and 124.50"