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21 Apr 2014
USD/JPY: Scope to the upside limited by 103.00 - BBH
FXStreet (Bali) - Marc Chandler, Global Head of Currency Strategy at BBH, notes that the USD/JPY has potential to trade at 103.00 near term, but not much further.
Key Quotes
"The dollar also appears range-bound against the yen. The lower end of the range (JPY101.20-30) has been tested around eight times in the past two months. The upper end of the range (JPY104) has only been tested twice. The dollar is near the middle of that range now."
"There is scope for it to trade toward JPY103, but probably not much more unless they're is a further backing up bond yields and/or a strong rally in equities."
"We note that the US-Japanese 10-year yield spread is also range-bound between about 200 bp and 217 bp. It too is near the middle of the range."
Key Quotes
"The dollar also appears range-bound against the yen. The lower end of the range (JPY101.20-30) has been tested around eight times in the past two months. The upper end of the range (JPY104) has only been tested twice. The dollar is near the middle of that range now."
"There is scope for it to trade toward JPY103, but probably not much more unless they're is a further backing up bond yields and/or a strong rally in equities."
"We note that the US-Japanese 10-year yield spread is also range-bound between about 200 bp and 217 bp. It too is near the middle of the range."