5 Feb 2014
Risk to the downside for the Yen - Scotiabank
FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank sighst risks ahead to the downside for USD/JPY.
Key Quotes
"The near term USD/JPY risks are to the downside (supported by both fundamentals and technicals); however the medium term risks continue to be USD/JPY upside. We have made no change to our year‐end 109 target."
"USD/JPY short‐term technicals: bearish all signals warn of further USD/JPY down side. The MACD is providing a strong signal as are moving averages and candlesticks. For short‐term traders we are biased to be short USD/JPY looking for a test of the 200‐day MA at 100.11."
Key Quotes
"The near term USD/JPY risks are to the downside (supported by both fundamentals and technicals); however the medium term risks continue to be USD/JPY upside. We have made no change to our year‐end 109 target."
"USD/JPY short‐term technicals: bearish all signals warn of further USD/JPY down side. The MACD is providing a strong signal as are moving averages and candlesticks. For short‐term traders we are biased to be short USD/JPY looking for a test of the 200‐day MA at 100.11."