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1 Oct 2013
Flash: We look to a short USD/JPY targeting 95.45, stop placed at 99.70 – OCBC Bank
FXstreet.com (Athens) – Emmanuel Ng of OCBC Bank, mentions that with the dollar expected to be on the defensive in the event of heightened fiscal uncertainty and/or generalized risk aversion, we look to a short USD/JPY (spot ref: 98.27) targeting 95.45 and place a stop at 99.70.
Key Quotes
“This morning’s 3Q Tankan turned generally better than expected headline numbers but the pair will likely be overtaken by Abe’s iscal announcement (0900 GMT) as well as broader dollar dynamics.”
“Expect broad-base dollar uncertainty to increasingly weigh on the USD-JPY, with the 55-day MA (98.63) serving as an initial top for the pair and 98.00 expected to be a pivotal floor.”
Key Quotes
“This morning’s 3Q Tankan turned generally better than expected headline numbers but the pair will likely be overtaken by Abe’s iscal announcement (0900 GMT) as well as broader dollar dynamics.”
“Expect broad-base dollar uncertainty to increasingly weigh on the USD-JPY, with the 55-day MA (98.63) serving as an initial top for the pair and 98.00 expected to be a pivotal floor.”