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.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    USD/JPY: full load down and neutral before breakouts

  2. Forex News

    FX Reversals: USDJPY Attempts Breakout

  3. Forex News

    USD/JPY keeps the neutral bias near term – Westpac

  4. Forex News

    USD/JPY: Pressuring into key fib resistance

  5. Forex News

    Pound May Rise as 2Q UK GDP Data Boosts BOE Rate Hike Bets

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!