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USD/JPY stance tilted to the bullish side – Scotiabank

FXStreet (Edinburgh) - Eric Theoret, Currency Strategist at Scotiabank, suggested the outlook on spot remains bullish.

Key Quotes

“Disappointing trade figures had a limited impact on JPY, with the bulk of decline driven by positioning ahead of the Fed”.

“We maintain a bias to medium term weakness in JPY, driven by considerations of relative policy and divergence between the Fed and BoJ”.

“The greatest near term risk for JPY lies with the broader tone, with risk appetite seen providing for weakness and vice versa”.

“The MACD has shown early signs of a turn, with the RSI climbing out of bearish territory toward 50. Trend signals are providing confirmation, and the 9 day MA (120.33) appears poised to make a near term break above the 21 day MA (120.40)”.

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