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28 Mar 2013
Forex Flash: USD/JPY looks neutral ahead - BTMU
FXstreet.com (Barcelona) - Bank of Tokyo Mitsubishi UFJ analysts are neutral on USD/JPY for the week ahead and see spot moving between a range of 93.00-96.00.
The begin by noting the recent Cyprus issue supported Yen buying, However, fundamental yen selling pressure was also firm. They note that the upcoming BoJ monetary policy meeting may be of no surprise, but there is one more scheduled monetary policy meeting on April 26th and market expectations for further monetary accommodation will underpin the yen selling momentum. Next week, the lower ceiling of USD/JPY may be at the 93.00-level. Additionally, they note that the NFP figure may also support USD buying next week, and move USD/JPY to the 95.00s.
The begin by noting the recent Cyprus issue supported Yen buying, However, fundamental yen selling pressure was also firm. They note that the upcoming BoJ monetary policy meeting may be of no surprise, but there is one more scheduled monetary policy meeting on April 26th and market expectations for further monetary accommodation will underpin the yen selling momentum. Next week, the lower ceiling of USD/JPY may be at the 93.00-level. Additionally, they note that the NFP figure may also support USD buying next week, and move USD/JPY to the 95.00s.