Forex Flash: EUR supported, JPY retracing – OCBC Bank
FXstreet.com (Barcelona) - Emanuel Ng of OCBC Bank notes that news flow out of the Eurozone still seen as negative.
However, despite this being the case, he feels that EURUSD may remain supported with 1.3400 to cap while supports are expected towards 1.3200 and then the 55 day MA at 1.3072. Looking at USDJPY, he adds that post BoJ, further retracements cannot be discounted at this juncture, and a dip below 88.00 to 87.35 remains possible. He adds, "We however expect underlying JPY dovishness to continue to permeate the markets over the medium tem and await better levels to express a bullish USD-JPY view."
However, despite this being the case, he feels that EURUSD may remain supported with 1.3400 to cap while supports are expected towards 1.3200 and then the 55 day MA at 1.3072. Looking at USDJPY, he adds that post BoJ, further retracements cannot be discounted at this juncture, and a dip below 88.00 to 87.35 remains possible. He adds, "We however expect underlying JPY dovishness to continue to permeate the markets over the medium tem and await better levels to express a bullish USD-JPY view."
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