USD/JPY to remain attached to the 55-day MA – OCBC

FXStreet (Barcelona) - Emmanuel Ng of OCBC Bank, views that the USD/JPY pair trade with a heavy undertone within its 118.00-120.00 range, awaiting US CPI data release.

Key Quotes

“US CPI/durable goods orders tonight may induce greater than normal volatility for the USD given the current perception that the Fed maybe attempting to wean itself away from committing to a June liftoff.”

“In the intervening period, the pair may remain umbilically attached to the 55- day MA (118.73) amidst slightly heavy undertones within a 118.00-120.00 range.”