Forex: USD/JPY takes a breather and consolidates gains
Forex pairs in this Article »
USD/JPY
FXstreet.com (Córdoba) - The dollar extended gains into a seventh consecutive day against the yen on Thursday, as the Japanese currency continues to weaken amid expectations the BoJ would ease its policy further to stimulate the economy.
USDJPY rose to a fresh 7-month high of 82.82, although the slope of the rise has moderated after rallying over 1.0% on Wednesday. At time of writing, USDJPY is trading at the 82.60 area, 0.1% above its opening price.
According to the Danske Bank analysts, the recent spike in USDJPY is beginning to look relatively stretched according to technical indicators such as RSI, while USDJPY positions looks also stretched. "All this could indicate that near-term correction could be imminent in USDJPY", they say. "However, we still expect USDJPY to move higher the next couple of weeks ahead of the December election and the 20 December Bank of Japan meeting".
USDJPY rose to a fresh 7-month high of 82.82, although the slope of the rise has moderated after rallying over 1.0% on Wednesday. At time of writing, USDJPY is trading at the 82.60 area, 0.1% above its opening price.
According to the Danske Bank analysts, the recent spike in USDJPY is beginning to look relatively stretched according to technical indicators such as RSI, while USDJPY positions looks also stretched. "All this could indicate that near-term correction could be imminent in USDJPY", they say. "However, we still expect USDJPY to move higher the next couple of weeks ahead of the December election and the 20 December Bank of Japan meeting".
Free Annual Reports
