7 Jul 2015
USD/JPY capped at 123 ahead of FOMC Minutes – OCBC
FXStreet (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank, expects USD/JPY upside to see stiff resistance at 123 until USD dynamics come back into play into the FOMC Minutes.
Key Quotes
“While the BOJ remains largely sanguine on the outlook for the domestic economy, risk appetite driven developments are expected to hold sway over the USD-JPY and JPY-crosses in the near term.”
“US-centric dollar dynamics may have to wait till the FOMC minutes on Wednesday and in the interim, 123.00 is expected to cap while local support at the 55-day MA (121.96) may remain porous ahead of the 100-day MA (121.03).”
Key Quotes
“While the BOJ remains largely sanguine on the outlook for the domestic economy, risk appetite driven developments are expected to hold sway over the USD-JPY and JPY-crosses in the near term.”
“US-centric dollar dynamics may have to wait till the FOMC minutes on Wednesday and in the interim, 123.00 is expected to cap while local support at the 55-day MA (121.96) may remain porous ahead of the 100-day MA (121.03).”