21 May 2015
USD/JPY bullish for 122 – Scotiabank
FXStreet (Barcelona) - Eric Theoret, CFA, CMT, Currency Strategist at Scotiabank, notes USD/JPY technicals remain broadly bullish and a test of 122 levels might be expected.
Key Quotes
“JPY is up a modest 0.2%, underperforming its G4 peers ahead of the BOJ policy decision following Thursday’s NA close. Media rumors have centered on the potential for an upgrade to the BoJ’s economic assessment, shifting the risk to near-term JPY upside. USDJPY technicals are broadly bullish and we look to a re-test of the recent high near 121.05 followed by the 2015 high just above 122.”
Key Quotes
“JPY is up a modest 0.2%, underperforming its G4 peers ahead of the BOJ policy decision following Thursday’s NA close. Media rumors have centered on the potential for an upgrade to the BoJ’s economic assessment, shifting the risk to near-term JPY upside. USDJPY technicals are broadly bullish and we look to a re-test of the recent high near 121.05 followed by the 2015 high just above 122.”