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Forex pairs in this Article » USD/JPY (Athens) – Emmanuel Ng of OCBC Bank says that this morning, we initiate a long USD/JPY (spot reference as of 98.36), targeting 100.70 with a stop at 97.15.

Key Quotes

“Tactically, this pair may continue to manifest any USD strength in the wake of this week’s FOMC and with the BOJ still preoccupied with attempting to achieve its multi-year inflation target.”

“Expect the pair to remain resistant to downside dips in the near term while on the topside, a breach above the 55-day MA (98.38) may invite a test towards 98.70 in short order. Initial support meanwhile is seen towards 98.00.”
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