USD/JPY technicals remain bullish – Scotiabank

FXStreet (Barcelona) - Eric Theoret, CFA, CMT, Currency Strategist at Scotiabank, sees limited resistance for USD/JPY towards 124.14, with technicals pointing towards a bullish outlook for the pair.

Key Quotes

“JPY has fallen to a fresh eight-year low, initially weakening on the back of a mixed PPI release and the broader USD move, however the bulk of the decline was triggered on a break of the mid-March low.”

“USDJPY technicals are bullish and we see limited resistance ahead of the 2007 high 124.14.”