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Forex pairs in this Article » USD/JPY (London) - Yujiiro Goto at Nomura said that the Financial Futures Association of Japan has released trading volume and net positions of OTC FX margin trading data in May.

“May trading volume increased further to JPY457trn (USD4.8trn), up 3.1% from April. The volume is the highest since November 2008 when the data were first available. Trading of USDJPY accounted for 70% (JPY322trn), suggesting Japanese households are increasingly interested in trading USD”.

USD/JPY bullish analysis

Saeed Amen, strategist at Nomura retains his bullish view for USD/JPY.

First, Bollinger bandwidth, while still in the expansion phase, is reaching very high levels, suggesting that the breakout is likely to get exhausted soon. Also they point out RSI is getting to very low levels, suggesting it could be reaching a short-term low.
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