FXStreet (Edinburgh) – In light of the recent set of data releases in Japan, further declines in USD/JPY could be limited, suggested Derek Halpenny, Head of GMR at BTMU.

Key Quotes

“Despite the rebound in household spending, the weakness of consumption in Q2 will probably mean little economic growth overall which will keep market participants sceptical over the BOJ’s ability to hit its 2% goal by the middle of next fiscal year”.

“Given these doubts, we do not envisage much downside scope for USD/JPY going forward”.

“Of course the jobs data next week will be key and we see no reason why the data will not be good and therefore act as key support for USD/JPY as well”.

In light of the recent set of data releases in Japan, further declines in USD/JPY could be limited, suggested Derek Halpenny, Head of GMR at BTMU…

(Market News Provided by FXstreet)

By FXOpen