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16 Nov 2015
USD/JPY resistance seen around 123.00 – OCBC
FXStreet (Edinburgh) - Emmanuel Ng, FX Strategist at OCBC Bank, sees the 123.00 area as a tough resistance.
Key Quotes
“Look to further flavor from the FOMC minutes due on Wednesday and the BOJ MPC on Thursday but slight risk aversion in the near term may override the weaker than expected 3Q GDP numbers reported late Sunday”.
“Thus, although net leveraged JPY shorts on the CFTC front increased in the latest week, the USD-JPY may gravitate lower towards the 122.00 handle in the near term with 123.00 seen capping for now”.
Key Quotes
“Look to further flavor from the FOMC minutes due on Wednesday and the BOJ MPC on Thursday but slight risk aversion in the near term may override the weaker than expected 3Q GDP numbers reported late Sunday”.
“Thus, although net leveraged JPY shorts on the CFTC front increased in the latest week, the USD-JPY may gravitate lower towards the 122.00 handle in the near term with 123.00 seen capping for now”.