17 Jun 2015
USD/JPY: Fed remains the dominant driver – Scotiabank
FXStreet (Barcelona) - Eric Theoret, CFA, CMT, Currency Strategist at Scotiabank, gives the outlook and key levels for USD/JPY and further highlights the key risks for the pair.
Key Quotes
“JPY is soft, breaking to the downside of its recent consolidation range with a focus on the June 11 low. The reaction to disappointing trade data has been limited, and relative policy appears to be the dominant driver ahead of the Fed and Friday’s BoJ.”
“JPY remains vulnerable to a turn in the broader tone, the catalyst likely to emerge on the back of a reaction to the situation in Greece.”
“USDJPY short-term technicals: neutral-bullish—USDJPY breaking to the upside of its recent consolidation range. Looking to a test of 124.00 resistance followed by the June 10 open 124.34. Support expected at June 10 close 122.68.”
Key Quotes
“JPY is soft, breaking to the downside of its recent consolidation range with a focus on the June 11 low. The reaction to disappointing trade data has been limited, and relative policy appears to be the dominant driver ahead of the Fed and Friday’s BoJ.”
“JPY remains vulnerable to a turn in the broader tone, the catalyst likely to emerge on the back of a reaction to the situation in Greece.”
“USDJPY short-term technicals: neutral-bullish—USDJPY breaking to the upside of its recent consolidation range. Looking to a test of 124.00 resistance followed by the June 10 open 124.34. Support expected at June 10 close 122.68.”