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."



comments powered by Disqus
Related Forex Analysis
  1. USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation
    Forex News

    USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation

  2. USD/JPY is dancing around 107.00
    Forex News

    USD/JPY is dancing around 107.00

  3. USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision
    Forex News

    USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision

  4. NZD/USD Stalls At 0.8000 Barrier As A Doji Arises & Volume Fades
    Forex News

    NZD/USD Stalls At 0.8000 Barrier As A Doji Arises & Volume Fades

  5. EUR/USD sidelined above 1.2700
    Forex News

    EUR/USD sidelined above 1.2700

Trading Center