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29 Dec 2014
USD/JPY consolidating – Scotiabank
FXStreet (Barcelona) - Eric Theoret, CFA, CMT, Currency Strategist at Scotiabank, notes that USD/JPY is consolidating within a narrow range, having retraced early gains driven by risk aversion offsetting fundamentals.
Key Quotes
“JPY is consolidating within a narrow range, retracing early gains driven by risk aversion as market participants consider weak fundamentals and the announcement of fiscal stimulus.”
“For USDJPY the technical picture is conflicted, as we consider offsetting momentum indicators and the failure to fully retrace the decline from its early December high 121.85.”
“We await a decisive break of 120.80 and look to near term support at 120.00.”
Key Quotes
“JPY is consolidating within a narrow range, retracing early gains driven by risk aversion as market participants consider weak fundamentals and the announcement of fiscal stimulus.”
“For USDJPY the technical picture is conflicted, as we consider offsetting momentum indicators and the failure to fully retrace the decline from its early December high 121.85.”
“We await a decisive break of 120.80 and look to near term support at 120.00.”