Forex Flash: USD/JPY possibly overstretched – OCBC Bank
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USD/JPY
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank has offered his daily outlook on USDJPY's prospects for the day ahead.
He notes that his prior view that the pair's top side may have been looking over stretched could see the it head south on positional adjustments. He notes however that, "the official intent to continue to combat deflation with background expectations for the BOJ to continue to open the spigot in terms of monetary accommodation and double its inflation target persists." He feels that a key retracement level at 85.82 may prove pivotal multi-session, especially if profit taking continues to persist.
He notes that his prior view that the pair's top side may have been looking over stretched could see the it head south on positional adjustments. He notes however that, "the official intent to continue to combat deflation with background expectations for the BOJ to continue to open the spigot in terms of monetary accommodation and double its inflation target persists." He feels that a key retracement level at 85.82 may prove pivotal multi-session, especially if profit taking continues to persist.
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