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USD/JPY: potential for further pullbacks – OCBC

FXStreet (Edinburgh) - Emmanuel Ng, FX Strategist at OCBC Bank, sees the pair’s bias tilted to further declines.

Key Quotes

USD-JPY was knocked lower overnight but may remain tensioned by conflicting forces of uncertain investor sentiment and dollar weakness”.

“As such, the pair may continue to anchor itself around the 120.00 neighborhood for a spell with the 200-day MA (120.85) seen capping on the upside while 119.50 should support”.

“Risks we think remain skewed to the downside at this juncture”.

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