USDJPY may continue to bounce off its 55-day MA - OCBC

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Bali) - Emmanuel Ng, FX Strategist at OCBC Bank, notes that the USDJPY may continue to bounce off its 55-day MA (102.01) with 102.20 and 102.50 likely to offer initial resistance.



Key Quotes



"In his remarks at the branch managers’ meeting this morning, the BOJ’s Kuroda reiterated the commitment to pursue its stimulus program with little else in terms of marketing moving statements. Look towards the BOJ quarterly branch managers’ report due at 0500 GMT although we feel that broad dollar dynamics may continue to have a larger bearing on the pair in the interim. Given the current circumstances, the USDJPY may continue to bounce off its 55-day MA (102.01) with 102.20 and 102.50 likely to offer initial resistance."



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