USD/JPY: Potential to break higher – OCBC

The Japanese yen may slide on potential further easing by the Bank of Japan (BoJ) on Friday, in the opinion of Terence Wu, an FX strategist at OCBC Bank.

Key quotes

“The JPY is under some pressure ahead of the unscheduled BoJ meeting on Friday, where the BoJ is expected to flesh out its support plan for businesses.”

“Bias is for the USD/JPY to edge higher, but the confluence of daily MAs near 108.30/50 may limit upside room.” 

“Expect support at 107.30.”