24 Oct 2013
Flash: USD/JPY - bearish bias (96.00-98.50) - BTMU
FXstreet.com (London) - Takahiro Sekido, Japan Strategist at Bank of Tokyo Mitsubishi, offers a bearish bias for USD/JPY.
Key Quotes:
“USD/JPY - bearish bias – (96.00-98.50)”.
“The next FOMC meeting is on 29th-30th October and the statement may confirm the low probability of QE tapering in near term, given the US budget and debt ceiling issues have only been postponed”.
“The upcoming economic indicators in the US will be less credible given the period covers US government shutdown”.
“The BoJ's monetary policy meeting and semi-annual economy and prices outlook report are
unlikely to hold any surprises. The semi-annual report will likely include an upward revision to the economic assessment”.
“Before the annual governmental assembly in China, risk aversion was growing in China. This week, USD/JPY hit the 200-day support level at around 97.30. USD/JPY may move further downward toward the 96.00 level, once the 200-day average support is clearly breached”.
Key Quotes:
“USD/JPY - bearish bias – (96.00-98.50)”.
“The next FOMC meeting is on 29th-30th October and the statement may confirm the low probability of QE tapering in near term, given the US budget and debt ceiling issues have only been postponed”.
“The upcoming economic indicators in the US will be less credible given the period covers US government shutdown”.
“The BoJ's monetary policy meeting and semi-annual economy and prices outlook report are
unlikely to hold any surprises. The semi-annual report will likely include an upward revision to the economic assessment”.
“Before the annual governmental assembly in China, risk aversion was growing in China. This week, USD/JPY hit the 200-day support level at around 97.30. USD/JPY may move further downward toward the 96.00 level, once the 200-day average support is clearly breached”.