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USD/JPY door open for a test of 109.50 – OCBC Bank

FXStreet (Edinburgh) - Emmanuel Ng, FX Strategist at OCBC Bank, believes the pair could climb to the mid-109.00 area in the near term.

Key Quotes

“Given the recent moves in the USD-JPY, Japanese official jawboning has materialized once again, although we think this may have been motivated more by the speed of the recent ascent rather than any discomfort with the JPY’s valuation”.

“Nonetheless, Finance Minister Aso noted that the pair is now near Lehman levels”.

“Meanwhile, we believe the pair may continue to test the envelope on the upside into 109.50 with initial support expected towards 108.40”.

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