FXStreet (Guatemala) – Eric Theoret, CFA, CMT FX Strategist at Scotiabank noted that JPY is weak, trading on the back of the broader market sentiment in the absence of domestic developments.
Key Quotes:
“We see JPY risk as relatively balanced, with a bias to decline as we consider relative policy and the potential for a reversal of the fade in Fed expectations that has been observed since the September FOMC.”
“USD/JPY short-term technicals: neutral-bullish—momentum signals have faded to neutral, USD/JPY has broken above its 9 day MA (119.59) and gains continue to be observed following the formation of last week’s bullish morning star. We look to upside risk with a focus on gains toward 119.80 and 120.00.”
(Market News Provided by FXstreet)