USD/JPY: KEY SHORT-TERM SUPPORT IS 149.55 – SCOTIABANK

avatar
· Views 117



The Japanese Yen (JPY) is a mild outperformer (but off earlier peaks against the US Dollar) as Japan’s CPI slows less than expected. Economists at Scotiabank analyze USD/JPY outlook.

USD/JPY may be vulnerable to downward pressure

Headline and core inflation eased but by quite a bit less than expected. Headline inflation fell to 2.2%, from 2.6% in December but was expected to hit 1.9%. With price growth expected to pick up again in the coming months, these data support expectations that the BoJ will reverse its key policy rate from negative in the not-too-distant future. 

USD/JPY is just about holding the uptrend in place since the end of last year but may be vulnerable to downward pressure, given the considerable buildup of JPY short positioning evident via the IMM data in the past few weeks. Key short-term support is 149.55. 

JPY gains would add to the generally softer undertone that is still developing around a somewhat overvalued USD generally after the DXY’s mid-February peak around 105.00.

 


免責事項:本記事で述べられている見解は著者の見解のみであり、Followmeの公式見解を反映するものではありません。Followmeは、提供された情報の正確性、完全性、信頼性について一切責任を負いません。また、書面で明示的に記載されている場合を除き、本記事の内容に基づいて行われたいかなる行動についても責任を負いません。

この記事が気に入ったら、著者にチップを送って感謝の気持ちを表しましょう。
応答 0

古いコメントはありません。ソファをつかむ最初のものになりましょう。

  • tradingContest