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3 Jun 2014
USD/JPY looking for a bullish close on 102.43 - Scotiabank
FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that USD/JPY has broken back above the 100‐day MA of 102.43.
Key Quotes:
" A close above here would be bullish."
"Labour earnings increased 0.9%y/y, an encouraging signal. BoJ member Masayoshi Amamiya has been reappointed for a second term as Executive director of Monetary Affairs, which will likely provide some policy continuity for the BoJ."
"USD/JPY short‐term technicals: mixed and range bound but as USD/JPY breaks out of its recent range and above the 100‐day MA at 102.37 technical studies are turning more bullish. Near‐term result lies at yesterday’s open of 101.83; while resistance comes in at the May high of 103.02. Even as technicals warn of building upside momentum USD/JPY remains in a fairly broad range that is unlikely to be broken in the near‐term."
Key Quotes:
" A close above here would be bullish."
"Labour earnings increased 0.9%y/y, an encouraging signal. BoJ member Masayoshi Amamiya has been reappointed for a second term as Executive director of Monetary Affairs, which will likely provide some policy continuity for the BoJ."
"USD/JPY short‐term technicals: mixed and range bound but as USD/JPY breaks out of its recent range and above the 100‐day MA at 102.37 technical studies are turning more bullish. Near‐term result lies at yesterday’s open of 101.83; while resistance comes in at the May high of 103.02. Even as technicals warn of building upside momentum USD/JPY remains in a fairly broad range that is unlikely to be broken in the near‐term."