10 Jun 2013
Flash: USD/JPY 97 surfaced on Friday post NFPs - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that USD/JPY surfaced above 97.00 last Friday in the wake of the US NFP numbers.
However, he feels that the fragility of the Nikkei 225 may keep the pair in check. He writes, “Immediate resistance is expected towards the 55-day MA (98.94) while a dip below 97.35 may tempt the pair towards 96.30 before 95.50. On the CFTC front, net speculative JPY shorts were reduced in the latest week, likely mirroring background doubts about the efficacy of Abenomics in recent sessions.”
However, he feels that the fragility of the Nikkei 225 may keep the pair in check. He writes, “Immediate resistance is expected towards the 55-day MA (98.94) while a dip below 97.35 may tempt the pair towards 96.30 before 95.50. On the CFTC front, net speculative JPY shorts were reduced in the latest week, likely mirroring background doubts about the efficacy of Abenomics in recent sessions.”