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11 Feb 2014
Flash: 109 for USD/JPY year end target - Scotiabank
FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that Yellen will have been the core focus for today while for the year their outlook is bullish to note 109 as a target.
Key Quotes:
"JPY is flat to yesterday’s close as Japan celebrates National Foundation Day. Accordingly there were no data releases and news flow has been relatively quiet."
"Today’s testimony by Chair Yellen will be the core focus with next Monday’s GDP release an important data point. We expect USDJPY to close the year at 109; but expect periods of rolling risk aversion, similar to January, which will drive USD/JPY temporarily lower."
"USD/JPY short‐term technicals: bearish—but signals have faded and some are flirting with a buy signal."
Key Quotes:
"JPY is flat to yesterday’s close as Japan celebrates National Foundation Day. Accordingly there were no data releases and news flow has been relatively quiet."
"Today’s testimony by Chair Yellen will be the core focus with next Monday’s GDP release an important data point. We expect USDJPY to close the year at 109; but expect periods of rolling risk aversion, similar to January, which will drive USD/JPY temporarily lower."
"USD/JPY short‐term technicals: bearish—but signals have faded and some are flirting with a buy signal."