7 Dec 2015
USD/JPY: short-term neutral/bullish - Scotiabank
FXStreet (Córdoba) - USD/JPY was trading firmer ahead of final Q3 GDP data later tonight. In the meantime, Scotiabank analysts maintain neutral/bullish perspective on USD/JPY.
Key Quotes
“Economy Minister suggested GDP will be revised to positive from the initial (Q/Q) decline reported. Data recently have indicated a strong gain in growth‐supporting business investment in the quarter. Better growth will not stop speculation that additional stimulus for the economy is required, however. Local press reports suggest that the government is planning JPY3.3 tn in extra spending.
“USDJPY short‐term technicals: (neutral/bullish) USD/JPY retested 123.65 range resistance last week; new highs will be positive (break out from bullish consolidation). Support remains 122.25.”
Key Quotes
“Economy Minister suggested GDP will be revised to positive from the initial (Q/Q) decline reported. Data recently have indicated a strong gain in growth‐supporting business investment in the quarter. Better growth will not stop speculation that additional stimulus for the economy is required, however. Local press reports suggest that the government is planning JPY3.3 tn in extra spending.
“USDJPY short‐term technicals: (neutral/bullish) USD/JPY retested 123.65 range resistance last week; new highs will be positive (break out from bullish consolidation). Support remains 122.25.”