5 Jun 2015
USD/JPY: immediate risks from the May US NFP – OCBC
FXStreet (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank, sees the need of a catalyst for a push higher above 125 in USD/JPY, will the US nonfarm payrolls favour the bulls?
Key Quotes
“Expect US-centric dollar dynamics to continue to hold sway over the pair in the near term with immediate risks from the US NFP tonight. Notably, note that the BOJ’s Harada indicated that he yen is in “a pretty good place” after its recent declines, diluting the recent official jawboning.”
“We remain constructive towards the potential for further (albeit grudging) upside for the pair from here although another near term push higher may have to await another catalyst, with short–end risk consolidating “lower” of late.”
“Support at 124.00 may persist while a push towards the key 125.00 and beyond may have to be predicated on another positive surprise from the US NFP.”
Coverage of Nonfarm Payrolls:
Tonight, you can follow all of the nonfarm payrolls action with us here.
Key Quotes
“Expect US-centric dollar dynamics to continue to hold sway over the pair in the near term with immediate risks from the US NFP tonight. Notably, note that the BOJ’s Harada indicated that he yen is in “a pretty good place” after its recent declines, diluting the recent official jawboning.”
“We remain constructive towards the potential for further (albeit grudging) upside for the pair from here although another near term push higher may have to await another catalyst, with short–end risk consolidating “lower” of late.”
“Support at 124.00 may persist while a push towards the key 125.00 and beyond may have to be predicated on another positive surprise from the US NFP.”
Coverage of Nonfarm Payrolls:
Tonight, you can follow all of the nonfarm payrolls action with us here.