USD/JPY; bearish technicals - Scotiabank

By FXstreet.com | Updated July 30, 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. Euro May Look Past CPI Data, NZ Dollar Down on Building Permits Drop
    Forex News

    Euro May Look Past CPI Data, NZ Dollar Down on Building Permits Drop

  2. BoJ preview: Downgrade in economy, inflation to sustain QQE prospects into 2015 - ...
    Forex News

    BoJ preview: Downgrade in economy, inflation to sustain QQE prospects into 2015 - ...

  3. USD/JPY risks still skewed to the upside - Nomura
    Forex News

    USD/JPY risks still skewed to the upside - Nomura

  4. USD/JPY fast approaching Oct high ahead of BoJ
    Forex News

    USD/JPY fast approaching Oct high ahead of BoJ

  5. USD/JPY Technical Analysis: Resistance Above 110.00 in Focus
    Forex News

    USD/JPY Technical Analysis: Resistance Above 110.00 in Focus

Trading Center