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15 May 2014
USD/JPY could see its decline extended - OCBC Bank
FXStreet (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank, notes potential downside ahead for the USD/JPY.
Key quotes
"1Q GDP numbers this morning came in warmer than expected (5.9% qoq) and expect USD-JPY to remain soggy after sinking below 102.00 on Wednesday and with US Treasuries rallying overnight. Despite the GDP numbers, investors are unlikely to be swayed from the perception that the Japanese economy may be losing momentum into the summer."
"In the interim, the pair may remain biased towards the lower regions of its recent trading range, with the first pit stop expected at 101.50 before the 200-day MA (101.18). Meanwhile topside prospects may also be capped by the 55-day MA (102.34)."
Key quotes
"1Q GDP numbers this morning came in warmer than expected (5.9% qoq) and expect USD-JPY to remain soggy after sinking below 102.00 on Wednesday and with US Treasuries rallying overnight. Despite the GDP numbers, investors are unlikely to be swayed from the perception that the Japanese economy may be losing momentum into the summer."
"In the interim, the pair may remain biased towards the lower regions of its recent trading range, with the first pit stop expected at 101.50 before the 200-day MA (101.18). Meanwhile topside prospects may also be capped by the 55-day MA (102.34)."