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24 Jun 2013
USD/JPY continues higher
FXstreet.com (London) - The dollar is stronger across the board and higher US yields are attracting savings away from Japan, supporting USD/JPY
Over the weekend, Prime Minister Abe's party won an overall majority in regional elections in the Tokyo metropolitan area. The outcome bodes well for the prime minister's prospects in the elections, which are likely to be held on July 21st.
That in turn is good news for USDJPY. “Other supportive factors are also neatly falling into place, suggesting USDJPY could reclaim 100 soon, then advance towards our end-2013 forecast of 110”, said Gareth Berry at UBS.
USD/JPY Technicals bullish
Saeed Amen, strategist at Nomura said they keep a bullish view. RSI is moving higher, suggesting momentum is still in an upward direction and further gains are likely. Bandwidth continues to fall, indicating further range-bound trading. Their target is 99.20 (55D SMA) and top of the recent range.
Over the weekend, Prime Minister Abe's party won an overall majority in regional elections in the Tokyo metropolitan area. The outcome bodes well for the prime minister's prospects in the elections, which are likely to be held on July 21st.
That in turn is good news for USDJPY. “Other supportive factors are also neatly falling into place, suggesting USDJPY could reclaim 100 soon, then advance towards our end-2013 forecast of 110”, said Gareth Berry at UBS.
USD/JPY Technicals bullish
Saeed Amen, strategist at Nomura said they keep a bullish view. RSI is moving higher, suggesting momentum is still in an upward direction and further gains are likely. Bandwidth continues to fall, indicating further range-bound trading. Their target is 99.20 (55D SMA) and top of the recent range.