FXStreet (Barcelona) – Offering the outlook for FX Majors, Mark Chandler, Global Head of Currency Strategy at Brown Brothers Harriman, believes that the USD/JPY dip below 122 would have exhausted the selling pressure.
Key Quotes
“Look for the euro to be confined to a $1.1130-$1.1250 range in the near-term.”
“We suspect that the dollar’s dip below JPY122 may have exhausted the dollar selling pressure. There is the gap created by yesterday’s sharply lower opening may draw prices. That gap is found between JPY123.19 (yesterday’s high) and JPY123.23 (last Friday’s low).”
“Sterling appears neutral in a $1.5660-$1.5800 range.”
(Market News Provided by FXstreet)