USD/JPY may range-trade in near-term – OCBC

FXStreet (Barcelona) - Analysts at OCBC Bank note that USD/JPY may trade in the 116.00-118.20 range in the near-term.

Key Quotes

“NY is away for a long weekend today with the pair expected to trawl a 116.00-118.20 (55-day MA) in the near term pending dollar cues, JPY-cross position adjustments, as well as risk appetite developments. On the CFTC front, net leveraged JPY shorts increased in the latest week but note that these numbers pre-dated the SNB last Thursday. “