8 Nov 2013
Flash: USD/JPY holds neutral bias – BTMU
FXstreet.com (Barcelona) - Bank of Tokyo Mitsubishi UFJ analysts feel that USD/JPY has a neutral bias for the week ahead and can see spot ranging between 97.50-99.50.
Key Quotes
“Last week, positive US economic data, particularly the Chicago PMI, and the ISM manufacturing and non-manufacturing indices reinforced dollar buying. However, the reaction in USD/JPY was marginal.”
“The Fed staff study on forward guidance, reported by the Wall Street Journal, highlighted that the Fed is studying ways to ease its monetary stance further.”
“(Today) the non-farm payroll report may well support renewed dollar selling. However, until the testimony of Chairperson-elect, Janet Yellen, on November 14th, dollar selling will be relatively contained.”
“Technically, the 200-day moving average support is now at the 97.00-level. USD/JPY is likely to move in the present narrow range. The ECB rate cut should also help support risk appetite.”
Key Quotes
“Last week, positive US economic data, particularly the Chicago PMI, and the ISM manufacturing and non-manufacturing indices reinforced dollar buying. However, the reaction in USD/JPY was marginal.”
“The Fed staff study on forward guidance, reported by the Wall Street Journal, highlighted that the Fed is studying ways to ease its monetary stance further.”
“(Today) the non-farm payroll report may well support renewed dollar selling. However, until the testimony of Chairperson-elect, Janet Yellen, on November 14th, dollar selling will be relatively contained.”
“Technically, the 200-day moving average support is now at the 97.00-level. USD/JPY is likely to move in the present narrow range. The ECB rate cut should also help support risk appetite.”