FXStreet (Barcelona) - Eric Theoret, CFA, CMT FX Strategist at Scotiabank noted that USD/JPY is flat.
Key Quotes:
"Its Asian session gains fading steadily from the European open on the back of an improvement in the broader market tone. Domestic risks are likely to provide an added influence as we consider the near term release of industrial production and retail sales ahead of the Q3 Tankan sentiment survey."
"USDJPY short-term technicals: neutral-bullish—risk shifting to upside as we note the formation of a hammer around 120.00. Signals are muted, conflicted, and provide little in terms of information about the near-term bias. We look to support at 119.20 and consider the potential for gains toward the 200 day MA at 120.89."
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