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5 Apr 2013
Forex Flash: USD/JPY looks neutral ahead - BTMU
FXstreet.com (Barcelona) - Bank of Tokyo Mitsubishi UFJ analysts note that USD/JPY looks neutral ahead and they see spot moving between a range of 94.00-97.00.
They begin by noting that Kuroda´s regime change was well beyond market expectations. However, they feel that other dollar buying factor may be required for further USD/JPY upside. With the especially weak NFP report this afternoon, they believe that the BoJ’s monetary easing will limit yen upside potential. They write, “Any dips for USD/JPY below the 95.00-level will likely encourage strong buying activity.”
They begin by noting that Kuroda´s regime change was well beyond market expectations. However, they feel that other dollar buying factor may be required for further USD/JPY upside. With the especially weak NFP report this afternoon, they believe that the BoJ’s monetary easing will limit yen upside potential. They write, “Any dips for USD/JPY below the 95.00-level will likely encourage strong buying activity.”