13 Feb 2015
USD/JPY upside seems limited in the near-term – BTMU
FXStreet (Edinburgh) - Derek Halpenny, European Head of GMR at BTMU, believes gains in spot could be limited following prospects of yen buying.
Key Quotes
“Last week, the strong non-farm payrolls report from the US reinforced USD/JPY buying”.
“Next week, Japan’s recovery momentum in GDP report for Q4 2014 may support USD/JPY and Nikkei buying”.
“The market consensus is for a 0.9% Q/Q gain after the 0.5% contraction recorded in Q3. Still, market participants are likely to be cautious with the major event of February – Fed Chair Yellen’s semi-annual testimony to Congress – taking place on 24th February”.
“In addition, as the lingering uncertainty in Greece and the high volatility in oil prices may support risk-off sentiment, the upside for USD/JPY seems limited from here”.
Key Quotes
“Last week, the strong non-farm payrolls report from the US reinforced USD/JPY buying”.
“Next week, Japan’s recovery momentum in GDP report for Q4 2014 may support USD/JPY and Nikkei buying”.
“The market consensus is for a 0.9% Q/Q gain after the 0.5% contraction recorded in Q3. Still, market participants are likely to be cautious with the major event of February – Fed Chair Yellen’s semi-annual testimony to Congress – taking place on 24th February”.
“In addition, as the lingering uncertainty in Greece and the high volatility in oil prices may support risk-off sentiment, the upside for USD/JPY seems limited from here”.