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21 Feb 2014
Flash: Yen stuck btween 50/100 DMA's - Scotibank
FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that despite a dovish set of minutes from the BoJ, the Yen trades within its range still.
Key Quotes
"A relatively dovish set of BoJ minutes helped to spur a 2.9% rally in the Nikkei and a –0.1% drop in JPY. However USD/JPY continues to trade within its recent range and comfortably between its 100 and 50‐day moving averages (101.62 and 103.44, respectively);EUR/JPY has a similar pattern as well. Next week’s focus will be inflation data, expected to come in at 1.3% on headline and ex fresh food."
"USD/JPY short‐term technicals: mixed and range trading—suggesting that until USD/JPY breaks out of its comfort zone between the 100 and 50‐day moving averages there is likely to be a lack of direction."
Key Quotes
"A relatively dovish set of BoJ minutes helped to spur a 2.9% rally in the Nikkei and a –0.1% drop in JPY. However USD/JPY continues to trade within its recent range and comfortably between its 100 and 50‐day moving averages (101.62 and 103.44, respectively);EUR/JPY has a similar pattern as well. Next week’s focus will be inflation data, expected to come in at 1.3% on headline and ex fresh food."
"USD/JPY short‐term technicals: mixed and range trading—suggesting that until USD/JPY breaks out of its comfort zone between the 100 and 50‐day moving averages there is likely to be a lack of direction."