Back
13 Apr 2015
Yen crosses could hinder USD/JPY’s up-move – MP
FXStreet (Barcelona) - Dean Popplewell, Director of Currency Analysis and Research at MarketPulse, argues that bid for JPY crosses might provide some support to the Yen, and hence a test back to 120.00 might be on the cards for USD/JPY.
Key Quotes
“USD/JPY opened a touch lower (¥120.02), but has since subsequently rallied towards ¥120.75, dragged higher mostly by Asian dollar buyers.”
“Market bids still remain solid ahead of ¥120.00, trail down, with light stops mixed in pre-¥120.00.”
“Option interest stranglehold has the pair confined to a tight range ¥120-¥121. However, JPY bid on the crosses should add to the markets appeal of selling USD/JPY strength within that range for the time being.”
“Analysts are looking to AUD/JPY 200-HMA @ 91.56 fueling tech sellers. While Mid-March EUR/JPY low @ 129.91 looks vulnerable. A break with momentum could provide JPY some support and lead the crosses to push USD/JPY to retest ¥120 again.”
Key Quotes
“USD/JPY opened a touch lower (¥120.02), but has since subsequently rallied towards ¥120.75, dragged higher mostly by Asian dollar buyers.”
“Market bids still remain solid ahead of ¥120.00, trail down, with light stops mixed in pre-¥120.00.”
“Option interest stranglehold has the pair confined to a tight range ¥120-¥121. However, JPY bid on the crosses should add to the markets appeal of selling USD/JPY strength within that range for the time being.”
“Analysts are looking to AUD/JPY 200-HMA @ 91.56 fueling tech sellers. While Mid-March EUR/JPY low @ 129.91 looks vulnerable. A break with momentum could provide JPY some support and lead the crosses to push USD/JPY to retest ¥120 again.”