27 Oct 2015
USD/JPY bulls need to be cautions on BoJ - BBH
FXStreet (Guatemala) - Analysts at BBH noted how the US dollar advanced sharply in the second half of last week following the dovish Draghi and easing by the PBOC.
Key Quotes:
"It consolidated those gains yesterday and in Asia. A BOJ that does not increase its QQE could see a knee-jerk gain in the yen. The JPY120.35-40 area offers initial support. "
"A break of JPY120 would be disappointing. The euro has posted some upticks after dipping below $1.10, which did not spur new selling. Euro gains could extend toward $1.1100-1.1125 before frustrating the bears."
Key Quotes:
"It consolidated those gains yesterday and in Asia. A BOJ that does not increase its QQE could see a knee-jerk gain in the yen. The JPY120.35-40 area offers initial support. "
"A break of JPY120 would be disappointing. The euro has posted some upticks after dipping below $1.10, which did not spur new selling. Euro gains could extend toward $1.1100-1.1125 before frustrating the bears."