FXStreet (Edinburgh) - According to Emmanuel Ng, FX Strategist at OCBC Bank, the pair could remain in a consolidative pattern in the near term.
Key Quotes
“Supportive comments from the Fed over the weekend set against dovish comments from the BOJ’s Shirai) should also keep the USDJPY supported on dips, especially if US yields continue to lend support and the curve flattens from the front end”.
“On the CFTC front, implied net leveraged JPY shorts also increased for the fourth consecutive week and investors may keep the pair supported in a 122.50-124.00 range multisession”.
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