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24 Feb 2014
Flash: JPY lacks conviction; easterly pressures - Scotiaban
FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that JPY lacks conviction, although weighed on by China.
Key Quotes
"JPY is flat to Friday’s close and trading within its recent range between the 100 and 50‐day MA (101.68 and 103.43, respectively). There was some downside pressure on USD/JPY as the Nikkei fell as the Asian session was marked by concerns in China’s property sector; however this was short lived. This week’s focus will be Thursday’s release of inflation (see page 3)."
"USD/JPY short‐term technicals: mixed suggesting that there is a lack of conviction as USD/JPY continues to range trade. We see better risk return opportunities elsewhere for near‐term traders."
Key Quotes
"JPY is flat to Friday’s close and trading within its recent range between the 100 and 50‐day MA (101.68 and 103.43, respectively). There was some downside pressure on USD/JPY as the Nikkei fell as the Asian session was marked by concerns in China’s property sector; however this was short lived. This week’s focus will be Thursday’s release of inflation (see page 3)."
"USD/JPY short‐term technicals: mixed suggesting that there is a lack of conviction as USD/JPY continues to range trade. We see better risk return opportunities elsewhere for near‐term traders."