FXStreet (Guatemala) - Analysts at UOB Group noted the current conditions surrounding USD/JPY and a new system designed by the Japanese to make the Yen easier to use in Asian markets, competing with CNY.
Key Quotes:
"Yesterday, the BoJ launched a new payment and settlement system, extending the operating hours with the aim of making the JPY easier to use in developing Asian markets and challenge the CNY, which has overtaken the JPY as the fourth most used currency.
"The new system is due to be in place by February 2016 with director-general of the Bank of Japan Payments and Settlements systems Yamaoka stating that the latest move will definitely contribute to the internationalization of the JPY."
"We believe the current movement is the start of a bearish in USD. The target is for a move to 117.80 with a stop-loss at 119.85."
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