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21 Apr 2014
USD/JPY outlook bullish short term - OCBC
FXStreet (Bali) - Emmanuel Ng, FX Strategist at OCBC Bank, shared his technical outlook on the USD/JPY, noting that 102.35 may provide inital support on dips.
Key Quotes
"The wider than expected March trade deficit may have taken the USD-JPY slightly higher in early trade on Monday but in a similar vein, note that the pair has had little conviction in recent months to break out of a 101.00-104.00 in the absence of strong discretionary policy signals from either the BOJ or the Fed."
"In the short term, the 55-day MA (102.35) may provide initial support on dips while a sustained break above the 103.00 area may portend a firmer gradient ahead."
Key Quotes
"The wider than expected March trade deficit may have taken the USD-JPY slightly higher in early trade on Monday but in a similar vein, note that the pair has had little conviction in recent months to break out of a 101.00-104.00 in the absence of strong discretionary policy signals from either the BOJ or the Fed."
"In the short term, the 55-day MA (102.35) may provide initial support on dips while a sustained break above the 103.00 area may portend a firmer gradient ahead."