USD/JPY points to a test of 123.75 – OCBC

FXStreet (Edinburgh) - Emmanuel Ng, FX Strategist at OCBC Bank, believes the pair could climb towards the 123.75 area.

Key Quotes

“Yellen’s latest comments and firmer UST yields ahead of the NFP this Friday (note the better than expected ADP overnight) should keep USD-JPY supported on dips”.

“To boot, the mixed services/composite PMI readings this morning are not expected to do the JPY any favors. Overall, investors may look to push the USD-JPY’s envelope towards 123.75/00”.