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Forex Flash: USD/JPY has a bullish bias – BTMU

FXstreet.com (Barcelona) - Bank of Tokyo Mitsubishi UFJ analysts feel that USD/JPY has a bullish bias and is set to range between 101.00 and 104.00.

They note that recent yen weakness has coincided with heavy JGB selling and US dollar buying is being supported by investor optimism over the outlook for the U.S. economy. They feel that the floor of USD/JPY may be at around the 101-level. Looking ahead, they see that after USD/JPY jumped over the 100-level, the next comfortable level seems to be around the 102-level and there is limited economic data next and hence US dollar direction will be derived from upcoming Fed speakers and the release of the latest FOMC minutes from the 30th April to 1st May meeting. The team finish by writing, “Fed Chairman Bernanke in his testimony to the Joint Economic Committee may show flexibility with regards to the future direction of monetary policy which could prove supportive for USD/JPY adding to upward momentum.”

Forex Flash: USD/JPY may lack fuel to sustain heavy gains – Westpac

According to Sean Callow, a Global FX Strategist at Westpac, “It may seem heroic soon after the USD/JPY’s 4.5 year highs, but we remain unconvinced that the pair has the fuel to sustain such heady gains.
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Forex Flash: Keep long USD, and keep short EUR - Societe Generale

Olivier Korber, FX Strategist at Societe Generale recommends staying long USD, and staying short EUR.
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