13 Jan 2014
Flash: USD/JPY remains top heavy - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank feels that USD/JPY may remain top heavy in the near term.
Key Quotes
"TKY is away for a long weekend today and although the USD/JPY may remain top heavy in the near term, it may not detract from the structurally bearish JPY view currently prevailing in the market."
"On the CFTC front, note also that net JPY shorts we are pared slightly in the latest week. The pair continues to hover in the 104.00 vicinity with subsequent support expected around 103.55 while a first resistance is expected to kick in near 104.50 pending further cues."
Key Quotes
"TKY is away for a long weekend today and although the USD/JPY may remain top heavy in the near term, it may not detract from the structurally bearish JPY view currently prevailing in the market."
"On the CFTC front, note also that net JPY shorts we are pared slightly in the latest week. The pair continues to hover in the 104.00 vicinity with subsequent support expected around 103.55 while a first resistance is expected to kick in near 104.50 pending further cues."