USD/JPY might hold above 120.00 – OCBC

FXStreet (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank, remains of the view that USD/JPY might remain above 120.00 and stay reactive to USD related developments in the interim.

Key Quotes

“With no new impetus from the BOJ on Wednesday (markets are still looking for the potential for another easing down the road), the time path for the pair may have to rely on USD-specific developments in the interim.”

“In the current environment therefore, USD-JPY may attempt to hold above 120.00 with next key support expected towards the 55-day MA (119.45).”