23 Feb 2015
USD/JPY immediate support at 118.73 – OCBC
FXStreet (Barcelona) - Emmanuel Ng of OCBC Bank, notes that US yield developments might provide immediate direction for USD/JPY, further sharing the key technical levels for the pair.
Key Quotes
“Improving global sentiment and firmer UST yields took the USD-JPY back above 119.00 on Friday while the BOJ MPC meeting minutes released Monday morning provided little new impetus for the pair.”
“On the CFTC front, net leveraged JPY shorts were reduced in the latest week but note that the pair subsequently recovered fairly well after the short-lived FOMC minutes induced hiccup.”
“Immediate support is expected towards the 55-day MA (118.73) while the nearest resistance zone is expected on approach of 119.45/50.”
“Look to US yield developments for immediate directionality with the pair still seen neutral to supported at this juncture.”
Key Quotes
“Improving global sentiment and firmer UST yields took the USD-JPY back above 119.00 on Friday while the BOJ MPC meeting minutes released Monday morning provided little new impetus for the pair.”
“On the CFTC front, net leveraged JPY shorts were reduced in the latest week but note that the pair subsequently recovered fairly well after the short-lived FOMC minutes induced hiccup.”
“Immediate support is expected towards the 55-day MA (118.73) while the nearest resistance zone is expected on approach of 119.45/50.”
“Look to US yield developments for immediate directionality with the pair still seen neutral to supported at this juncture.”