USD/JPY technically bullish - Scotiabank

By FXstreet.com | Updated August 20, 2014 AAA

FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that USD/JPY has broken up through resistance, trading towards the April high of 104.13.



Key Quotes:



Today’s trade data was mixed, as the trade deficit widened to ‐¥964bn but the details suggested that both exports and imports were stronger than expected, up 3.9% and 2.3%, respectively. We hold a Q314 target of 104 and a year‐end target of 109; expecting that the impact of the sales tax and inflation target may lead to a shift to a more dovish tone from the BoJ."



"USD/JPY short‐term technicals: bullish with all major studies warning of further upside risk, opening up a potential test of the April high of 104.13.



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