USDJPY: Still have room to rise
G10 FX has been caught in the cross current of two opposing forces the past couple of days as its seemed like there has been large persistent interest to buy USDJPY as well as interest to buy EURUSD back towards the 1.1700 support level.
The latter is increasingly looking like an emerging trend and a force that one doesn’t want to be in the way of.
As such, I sit in the USD bearish camp, although I think there are much better ways to express it than USDJPY given the backup in yields, the bid tone of the pair and the fact that we saw decent size local RM buying up here last night.
yesterday’s bullish short-term trend reversal above 106.70 opens up 107.53 next on the topside in USD/JPY, with support now located at 106.42/36.
The latter is increasingly looking like an emerging trend and a force that one doesn’t want to be in the way of.
As such, I sit in the USD bearish camp, although I think there are much better ways to express it than USDJPY given the backup in yields, the bid tone of the pair and the fact that we saw decent size local RM buying up here last night.
yesterday’s bullish short-term trend reversal above 106.70 opens up 107.53 next on the topside in USD/JPY, with support now located at 106.42/36.
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