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22 Apr 2015
USD/JPY losing topside momentum – KBC
FXStreet (Barcelona) - The Research Team at KBC Bank, gives the outlook for EUR/USD, EUR/GBP and USD/JPY, noting that any USD strength above JPY 120 is unlikely.
Key Quotes
“Yesterday, we kept a slightly USD positive bias within the established ranges as we assumed the USD to profit from a constructive global sentiment on risk. Today, the news (Greece) points to some potential euro negative impact. However, for now it remain just rumours.”
“We start the day with a neutral bias on EUR/USD. For USD/JPY, it looks that the ST topside momentum is becoming a bit heavy. Further USD/JPY gains beyond 120 look a bit difficult.”
“Of late EUR/GBP was captured in a sideways consolidation range in the 0.7150/0.7400 area. The negative impact of the election uncertainty on sterling eased of late. EUR/GBP shifted into a wait-and-see modus. For now, we see no trigger to break this stalemate. The uncertainty on the elections will probably prevent a sustained rebound of sterling, even in case of decent UK eco data. We see strong support in the mid 0.71/0.7150 area short-term.”
Key Quotes
“Yesterday, we kept a slightly USD positive bias within the established ranges as we assumed the USD to profit from a constructive global sentiment on risk. Today, the news (Greece) points to some potential euro negative impact. However, for now it remain just rumours.”
“We start the day with a neutral bias on EUR/USD. For USD/JPY, it looks that the ST topside momentum is becoming a bit heavy. Further USD/JPY gains beyond 120 look a bit difficult.”
“Of late EUR/GBP was captured in a sideways consolidation range in the 0.7150/0.7400 area. The negative impact of the election uncertainty on sterling eased of late. EUR/GBP shifted into a wait-and-see modus. For now, we see no trigger to break this stalemate. The uncertainty on the elections will probably prevent a sustained rebound of sterling, even in case of decent UK eco data. We see strong support in the mid 0.71/0.7150 area short-term.”