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USD/JPY could test supports in the mid-107.00s – OCBC Bank

FXStreet (Edinburgh) - Emmanuel Ng, FX Strategist at OCBC Bank, sees the likeliness of the pair to drop to levels around 107.50/40.

Key Quotes

“Soggy yields post FOMC minutes kept the USD-JPY suppressed on Wednesday although sufficiently dovish comments from the BOJ’s Kuroda may serve to put a floor under the pair in the near term”.

“Notably, the IMF’s Shinohara also noted that yen weakness has also been a result of generalized dollar strength”.

“Nonetheless, our near term view remains unchanged and the market’s current demeanor towards USD strength may remain negative with the 108.00 support still in imminent danger of a breach, with the next key support only expected towards 107.40/50”.

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