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8 Mar 2013
Forex Flash: USD/JPY poised for further accommodation - OCBC Bank
Emmanuel Ng of OCBC Bank notes that looking ahead, slightly better than expected 4Q GDP numbers notwithstanding, markets may remain focused on the potential for further monetary accommodation with the imminent arrival of the new BOJ leadership.
Nonetheless, he writes, “The 95.00 level for the USD-JPY remains pivotal and a sustained breach above may require a catalyst. A buy-dips environment on any approach towards 93.00 may prevail in the interim.” Looking towards AUD/USD, he notes that the pair may continue to base build pending further cues on the global growth front. He writes, “We continue to be largely neutral on the aussie in the near term with support expected towards 1.0200 with a break above the 200-day MA (1.0350) we think would be needed to instill a more bullish bias for the pair.”
Nonetheless, he writes, “The 95.00 level for the USD-JPY remains pivotal and a sustained breach above may require a catalyst. A buy-dips environment on any approach towards 93.00 may prevail in the interim.” Looking towards AUD/USD, he notes that the pair may continue to base build pending further cues on the global growth front. He writes, “We continue to be largely neutral on the aussie in the near term with support expected towards 1.0200 with a break above the 200-day MA (1.0350) we think would be needed to instill a more bullish bias for the pair.”