5 Dec 2014
USD/JPY too early to fight uptrend - Scotiabank
FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that the USD/JPY has traded up to fresh highs and broken above 120 (an important psychological and technical level).
Key Quotes:
"The upward trend is strong and is likely fueling itself higher. There were few fundamental developments today; with next week’s focus the release of data."
"USD/JPY short‐term technicals: mixed however with a strong upward trend it is too early to fight it. Support lies at today’s open of 119.78, resistance lies at the psychological 121.00."
Key Quotes:
"The upward trend is strong and is likely fueling itself higher. There were few fundamental developments today; with next week’s focus the release of data."
"USD/JPY short‐term technicals: mixed however with a strong upward trend it is too early to fight it. Support lies at today’s open of 119.78, resistance lies at the psychological 121.00."