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10 Nov 2014
USD/JPY warns of upside risks - Scotiabank
FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted the recent drop in the greenback vs the Yen and explains events and paints a technically bullish backdrop.
Key Quotes:
"Politics are once again in focus, with PM Abe and President Xi having the first China-Japan summit since 2012; while domestically there is growing speculation that Japan will face an election as PM Abe’s approval ratings fall; before he has made a decision on the implementation of the second increase in the consumption tax”.
"USD/JPY short‐term technicals: bullish—studies continue to warn of upside risk, even as spot comes off its highs. Support lies at 113.42; while resistance comes in at the recent high of 114.84."
Key Quotes:
"Politics are once again in focus, with PM Abe and President Xi having the first China-Japan summit since 2012; while domestically there is growing speculation that Japan will face an election as PM Abe’s approval ratings fall; before he has made a decision on the implementation of the second increase in the consumption tax”.
"USD/JPY short‐term technicals: bullish—studies continue to warn of upside risk, even as spot comes off its highs. Support lies at 113.42; while resistance comes in at the recent high of 114.84."