12 May 2014
USD/JPY remains in a narrow range - BTMU
FXStreet (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ, remarks the tight range of the USD/JPY.
Key Quotes
"The yen has weakened modestly in the Asian trading session with USD/JPY rising back towards the 102.00-level.Still the yen continues to remain in a very tight trading range displaying no directional bias over the last three months."
"The trade-weighted yen adjusted sharply lower by around 25% during the initial phase of Abenomics between late 2012 and May 2013 but has since stabilized at lower levels. There was some positive news overnight from Japan as it was revealed that the Eco Watchers outlook survey rebounded strongly in April by 15.6 point to 50.3 fully reversing the sharp fall recorded in Q1 ahead of the implementation of the sales tax hike."
Key Quotes
"The yen has weakened modestly in the Asian trading session with USD/JPY rising back towards the 102.00-level.Still the yen continues to remain in a very tight trading range displaying no directional bias over the last three months."
"The trade-weighted yen adjusted sharply lower by around 25% during the initial phase of Abenomics between late 2012 and May 2013 but has since stabilized at lower levels. There was some positive news overnight from Japan as it was revealed that the Eco Watchers outlook survey rebounded strongly in April by 15.6 point to 50.3 fully reversing the sharp fall recorded in Q1 ahead of the implementation of the sales tax hike."