FXStreet (Córdoba) - Eric Theoret, FX Strategist at Scotiabank notes that they maintain expectations of JPY weakness (USD/JPY gains) on the basis of relative central bank policy with a normalizing Fed set against an accommodative stance from the BoJ.
Key Quotes
“Risks for JPY this week will center on the BoJ minutes release followed by CPI. We look to further JPY weakness but remain cautious given the fragility of the broader tone and potential for haven driven gains in JPY through short-lived periods of risk aversion”.
“USD/JPY short-term technicals: neutral-bullish - momentum indicators are close to neutral and trend signals are modestly bullish. Congestion is centered around the 9 day MA (123.02), with support expected around 122.75. We look to medium term gains above 124.00”.
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