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UD/JPY still expected to move on up

FXStreet (Barcelona) - USD/JPY is trading at 108.37, down -0.49% on the day, having posted a daily high at 109.13 and low at 108.01.

USD/JPY has recovered from testing the bulls commitments at the 108 handle and has indeed given back some ground towards the mid point of the handle. Interestingly, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained there is a fresh disconnect between JPY and EUR which warns that the markets are shifting. “Accordingly the pattern in USD/JPY into week’s end will prove important". She said that they have made no change to our year-end forecasts, expecting USD/JPY at 109 and 113 at the end of 2014 and 2015, respectively."

Support levels: 108.20 107.70 107.30

Resistance levels: 108.60 108.90 109.15

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