26 Sep 2013
Flash: USD/JPY 105.00 12 month - Rabobank
FXstreet.com (London) - Jane Foley Senior Currency Strategist at Rabobank notes there has been little net movement in USD/JPY.
Key Quotes:
“While the yen has generally performed poorly vs. other G10 currencies this month, USD/JPY has seen little net movement”.
“While we forecast that USD/JPY will reach USD/JPY 105.00 on a 12 mth month, we expect that the next leg higher in USD/JPY depends on the USD gathering upside momentum”.
“Given that the Fed has delayed tapering the size of its monthly asset purchases and in view of the disappointing tone of recent US economic data, it is conceivable that USD/JPY will spend the rest of the year languishing below the Y100 level. Due to the lack of direction in USD/JPY, we have favoured taking yen positions vs. other crosses.
“For USD/JPY, positioning of the convergence and base lines on the weekly Ichimoku chart between 98.15/21 likely to provide good support”.
Key Quotes:
“While the yen has generally performed poorly vs. other G10 currencies this month, USD/JPY has seen little net movement”.
“While we forecast that USD/JPY will reach USD/JPY 105.00 on a 12 mth month, we expect that the next leg higher in USD/JPY depends on the USD gathering upside momentum”.
“Given that the Fed has delayed tapering the size of its monthly asset purchases and in view of the disappointing tone of recent US economic data, it is conceivable that USD/JPY will spend the rest of the year languishing below the Y100 level. Due to the lack of direction in USD/JPY, we have favoured taking yen positions vs. other crosses.
“For USD/JPY, positioning of the convergence and base lines on the weekly Ichimoku chart between 98.15/21 likely to provide good support”.