24 Mar 2014
USD/JPY dependant on US cues for direction - OCBC Bank
Emmanuel Ng, FX Strategist at OCBC Bank believes that USD/JPY is dependant on USD for direction.
Key Quotes
"Despite a fairly sanguine risk appetite environment, the USD/JPY may have to be reliant on further US-centric USD cues for direction, with a 101.75-102.50 range expected to prevail in the near term.”
“On the CFTC front, net leveraged JPY shorts were pared in the last week although its proportion of net open interest ticked higher and remains elevated and this latter environment may continue to present a partial impediment to excessive USD/JPY upside at this juncture while awaiting further directional influences this week."
Key Quotes
"Despite a fairly sanguine risk appetite environment, the USD/JPY may have to be reliant on further US-centric USD cues for direction, with a 101.75-102.50 range expected to prevail in the near term.”
“On the CFTC front, net leveraged JPY shorts were pared in the last week although its proportion of net open interest ticked higher and remains elevated and this latter environment may continue to present a partial impediment to excessive USD/JPY upside at this juncture while awaiting further directional influences this week."