USD/JPY: A bit of an enigma – OCBC

The USD-JPY pair eased south as broad USD strength takes a breather after the Fed’s “QE-unlimited”, Terence Wu, a FX Strategist at OCBC Bank informs.

Key quotes

“Eye the range between 109.30 and 111.60. A breakout on either side of the range may determine the next leg of directionality.”

“USD-JPY is a bit of an enigma, with short term implied valuations pointing heavily south but spot still very supported. We prefer not to chase the pair higher.”