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5 May 2016
USD/JPY neutral/bearish near term – Scotiabank
Eric Theoret, FX Strategist at Scotiabank, noted the neutral/bearish outlook on the pair in the near term.
Key Quotes
“USDJPY staged a minor reversal from the 105.50 area earlier in the week but, in the context of the heavy sell-off from 112 the week before, we cannot interpret the USD rebound so far as anything more than a minor correction or consolidation that leaves the door wide open still for renewed weakness”.
“A move above 107.75/80 at the very least is needed to stabilize the downswing”.
Key Quotes
“USDJPY staged a minor reversal from the 105.50 area earlier in the week but, in the context of the heavy sell-off from 112 the week before, we cannot interpret the USD rebound so far as anything more than a minor correction or consolidation that leaves the door wide open still for renewed weakness”.
“A move above 107.75/80 at the very least is needed to stabilize the downswing”.