USD/JPY returns to broader stimuli - Scotiabank

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - Eric Theoret, Currency Strategist at Scotiabank noted that JPY is soft, down 0.2% as a result of the moderation in risk aversion.



Key Quotes



"Broader market sentiment is likely to remain the key near term driver for JPY, given the passing of BoJ related risk events, as we await next week’s trade and CPI releases. Thursday’s multi-month closing low highlights the importance of broader themes in the current environment."



"USD/JPY short-term technicals: bearish—the MACD and RSI are only modestly bearish, providing for ample downside in the event of a decline. However, we note steady support in the 101.00 to 101.20 range. For resistance, we look to the 9 day MA (101.48) followed by the 21 day MA (101.67)."



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