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29 Jul 2014
USD/JPY to test 200 DMA at 102.10 - Scotiabank
FXStreet (Guatemala) - Eric Theoret, Currency Strategist at Scotiabank notes that the JPY is weak and explains the conditions surrounding the USD/JPY but highlights bullish signals.
Key Quotes
"JPY is also weak, though somewhat supported by short-term technical”.
“Overnight releases are likely to weigh on the BoJ as they consider deteriorating employment data and softer retail sales—highlighting the lingering impact of the April tax hike and one of the key concerns underscored by BoJ board member Ishida in an overnight speech, in which he said he was paying ‘close attention’ to consumer spending and exports."
"USD/JPY short-term technicals: bullish—momentum indicators are suggestive of acceleration as a break of the 50 day MA shifts the focus to 102.00 resistance and a potential test of the 200 day MA (102.10) for the first time since early July."
Key Quotes
"JPY is also weak, though somewhat supported by short-term technical”.
“Overnight releases are likely to weigh on the BoJ as they consider deteriorating employment data and softer retail sales—highlighting the lingering impact of the April tax hike and one of the key concerns underscored by BoJ board member Ishida in an overnight speech, in which he said he was paying ‘close attention’ to consumer spending and exports."
"USD/JPY short-term technicals: bullish—momentum indicators are suggestive of acceleration as a break of the 50 day MA shifts the focus to 102.00 resistance and a potential test of the 200 day MA (102.10) for the first time since early July."