13 May 2014
USD/JPY needs to break above 104.00 to resume upside - Societe Generale
FXStreet (Barcelona) - Kit Juckes, Global Head of Currency Strategy at Societe Generale, noted the USD/JPY might resume its uptrend once 104.00 is breached.
Key Quotes
"USD/JPY is back to tracking 10year notes".
"The bounce off 2.6% yields saw USD/JPY hold within its range and now we will see how much further we can go. Higher US yields and a higher SPX, combined with yesterday's dire Japanese trade data, are a yen-unfriendly mix but we need to break 104 to have any confidence that the uptrend in USD/JPY has resumed."
Key Quotes
"USD/JPY is back to tracking 10year notes".
"The bounce off 2.6% yields saw USD/JPY hold within its range and now we will see how much further we can go. Higher US yields and a higher SPX, combined with yesterday's dire Japanese trade data, are a yen-unfriendly mix but we need to break 104 to have any confidence that the uptrend in USD/JPY has resumed."