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22 Apr 2015
USD/JPY capped at 119.74 – OCBC
FXStreet (Barcelona) - FX Strategist at OCBC Bank, Emmanuel Ng, believes that USD/JPY is likely to replicate its range-trade behaviour even today, with the topside expected to remain capped at 119.74.
Key Quotes
“The surprise swing to a tiny trade surplus in March (JPY3.3bn from a deficit of –JPY573.2bn in Feb) did little for the JPY early this morning and the pair may remain mired in recent ranges.”
“The 55-day MA (119.74) may continue to provide an initial cap on upticks if JPYcrosses remained underpinned before 120.00 while 119.20 may buffer on intra-day dips.”
Key Quotes
“The surprise swing to a tiny trade surplus in March (JPY3.3bn from a deficit of –JPY573.2bn in Feb) did little for the JPY early this morning and the pair may remain mired in recent ranges.”
“The 55-day MA (119.74) may continue to provide an initial cap on upticks if JPYcrosses remained underpinned before 120.00 while 119.20 may buffer on intra-day dips.”