USD/JPY; bearish technicals - Scotiabank

By FXstreet.com | June 23, 2014 AAA

FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that the USD/JPY retraced Friday’s gains but continues to trade within a relatively tight range between the 100 and 200-day MA of 102.21 to 101.65.



Key Quotes



"Japan’s Markit PMI jumped up to 51.1, the highest level in three months; however the focus this week is likely to be on CPI (June 26th at 7:30pm EST) and policy developments at the government level. USD/JPY lacks a nearterm catalyst to drive it higher; however we expect the last quarter of 2014 to lay the foundation for a USD/JPY rally."



"USD/JPY short‐term technicals: bearish—as per table—however technical studies suggest a range bound environment and are not providing reliable trading cues. Support lies at the 200-day of 101.65; while resistance is at the 100-day MA at 102.21."



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