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11 Mar 2014
Flash: USD/JPY bullish indicators mounting - Scotiabank
FXStreet (Guatemala) - Eric Theoret, Currency Strategist at Scotiabank noted that the "JPY has been weak, and begun its decline in the European session with accelerated movement into the NA session.
Key Quotes
"Domestic releases were weak downward revision to GDP, weaker current account balance however their impact on JPY were offset by the risk-off tone that occurred in reaction to the worrisome China data. Near term focus lies with the BoJ, where the policy decision will be followed by a press conference at 2:30am EST. While we expect the BoJ to take a more aggressively accommodative policy path, we do not expect policy changes at this meeting."
"USD/JPY short-term technicals: bullish momentum indicators are accelerating and 9 day MA has crossed 21 day MA to the upside."
Key Quotes
"Domestic releases were weak downward revision to GDP, weaker current account balance however their impact on JPY were offset by the risk-off tone that occurred in reaction to the worrisome China data. Near term focus lies with the BoJ, where the policy decision will be followed by a press conference at 2:30am EST. While we expect the BoJ to take a more aggressively accommodative policy path, we do not expect policy changes at this meeting."
"USD/JPY short-term technicals: bullish momentum indicators are accelerating and 9 day MA has crossed 21 day MA to the upside."