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17 Jun 2013
Flash: The JPY is resistant – OCBC
FXstreet.com (London) - The JPY may continue to be somewhat resistant to the dollar according to Analyst, Emmanuel Ng for OCBC.
“The JPY may continue to be somewhat resistant to the dollar on traces of (unrealistic) disappointment towards the lack of new monetary initiatives from the Bank of Japan.”
Emmanuel Ng noted, on the CFTC front, net speculative JPY shorts were pared in the latest week. They were reduced and for Yen crosses such as AUD-JPY are remaining soggy. Emmanuel Ng suggests that the USD-JPY may continue to drill deeper below the 95.00 area with the next key support expected around 92.50.
“The JPY may continue to be somewhat resistant to the dollar on traces of (unrealistic) disappointment towards the lack of new monetary initiatives from the Bank of Japan.”
Emmanuel Ng noted, on the CFTC front, net speculative JPY shorts were pared in the latest week. They were reduced and for Yen crosses such as AUD-JPY are remaining soggy. Emmanuel Ng suggests that the USD-JPY may continue to drill deeper below the 95.00 area with the next key support expected around 92.50.