26 Mar 2015
USD/JPY: bearish bias – BTMU
FXStreet (Barcelona) - Takahiro Sekido, Japan Strategist at Bank of Tokyo-Mitsubishi UFJ, maintains a bearish bias on USD/JPY for the week ahead, noting that global growth concerns are supporting a stronger yen.
Key Quotes
“The bullish US dollar sentiment has been fading this week, after the March FOMC statement release and press conference gave a dovish impression. The recent US stock market uncertainty and risk averse sentiment may boost Nikkei and USDJPY selling.”
“The better US data may encourage USDJPY buying to touch near 120USDJPY tentatively.”
“However, as the latest FOMC statement addressed the necessity of reasonable confidence for 2% price stability, the upper ceiling of USDJPY next week may be 120.50-level.”
“Japanese importers and investors may sell JPY to support the lower barrier of USDJPY at around 118-level, particularly after the beginning of fiscal year 2015, and perhaps positive BoJ March Tankan survey release on 1st April.”
“USD/JPY – BEARISH BIAS – (117.50-120.50)”
Key Quotes
“The bullish US dollar sentiment has been fading this week, after the March FOMC statement release and press conference gave a dovish impression. The recent US stock market uncertainty and risk averse sentiment may boost Nikkei and USDJPY selling.”
“The better US data may encourage USDJPY buying to touch near 120USDJPY tentatively.”
“However, as the latest FOMC statement addressed the necessity of reasonable confidence for 2% price stability, the upper ceiling of USDJPY next week may be 120.50-level.”
“Japanese importers and investors may sell JPY to support the lower barrier of USDJPY at around 118-level, particularly after the beginning of fiscal year 2015, and perhaps positive BoJ March Tankan survey release on 1st April.”
“USD/JPY – BEARISH BIAS – (117.50-120.50)”