6 Feb 2014
Flash: USD/JPY bearish - Scotiabank
FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that studies indicate vulnerability to the downside for USD/JPY.
Key Quotes:
"There were no top tier economic releases but Deputy Governor Iwata spoke, highlighting that the BoJ sees the path of inflation as moving smoothly towards 2% but that policy will not shift until inflation is expected to remain stable at 2%."
"USD/JPY short‐term technicals: bearish—studies all warn of USD/JPY vulnerability to further downside risk. Support lies at the recent low of 100.76 while resistance is at last week’s close of 102.04."
Key Quotes:
"There were no top tier economic releases but Deputy Governor Iwata spoke, highlighting that the BoJ sees the path of inflation as moving smoothly towards 2% but that policy will not shift until inflation is expected to remain stable at 2%."
"USD/JPY short‐term technicals: bearish—studies all warn of USD/JPY vulnerability to further downside risk. Support lies at the recent low of 100.76 while resistance is at last week’s close of 102.04."