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22 May 2014
USD/JPY to move higher? - BTMU
FXStreet (Guatemala) - FX Strategists at the Bank of Tokyo Mitsubishi UFJ explained that after the BoJ’s monetary policy meeting particularly BoJ Governor Haruhiko Kuroda showed his great confidence of the recent monetary policy achievement again at the press conference.
Key Quotes
"USD/JPY moved below the 101-level and breached the 200 days moving average level tentatively. However, we maintain our view of yen depreciation."
"The recent yen IMM short stayed at around the 60 thousand contracts level and the recent record low. The US positive indicators may support USD/JPY buying."
"In addition, the global risk sentiment may improve further as a repercussion of the recent US treasury yield lowering. Furthermore, steady domestic flows, importer’s yen selling pressure and capital outflows of foreign direct investment from Japanese corporate are likely to continue to support USD/JPY buying. Without the US treasury yield hike, the upper bound of USD/JPY may be heavy we expect."
Key Quotes
"USD/JPY moved below the 101-level and breached the 200 days moving average level tentatively. However, we maintain our view of yen depreciation."
"The recent yen IMM short stayed at around the 60 thousand contracts level and the recent record low. The US positive indicators may support USD/JPY buying."
"In addition, the global risk sentiment may improve further as a repercussion of the recent US treasury yield lowering. Furthermore, steady domestic flows, importer’s yen selling pressure and capital outflows of foreign direct investment from Japanese corporate are likely to continue to support USD/JPY buying. Without the US treasury yield hike, the upper bound of USD/JPY may be heavy we expect."