22 Aug 2013
Flash: USD/JPY treads water below 55D MA as AUD/USD lead by EM risk appetite - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC BAnk notes that USD/JPY has stay afloat despite Fed minutes and firmer US yields, while the Aussie´s near term fortunes may rest with EM risk appetite.
Key Quotes
“Despite the Fed minutes and firmer US yields, we note that the USD/JPY is still treading water below the 55-day MA (98.26) and any breach above the 98.50/60 zone may diffuse the recent top heavy stance for the pair.”
“As noted previously, the major impetus for the pair in the near term may continue to emanate from the US front rather than Japan.”
“The aussie’s near term fortunes may continue to rest with EM risk appetite (note the heavy AUD-JPY on this front) and the HSBC China PMI due this morning, and any violation of the 0.8920 area may pave the way towards the recent low around 0.8848.”
Key Quotes
“Despite the Fed minutes and firmer US yields, we note that the USD/JPY is still treading water below the 55-day MA (98.26) and any breach above the 98.50/60 zone may diffuse the recent top heavy stance for the pair.”
“As noted previously, the major impetus for the pair in the near term may continue to emanate from the US front rather than Japan.”
“The aussie’s near term fortunes may continue to rest with EM risk appetite (note the heavy AUD-JPY on this front) and the HSBC China PMI due this morning, and any violation of the 0.8920 area may pave the way towards the recent low around 0.8848.”