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Flash: USD/JPY to range as AUD/USD looks to build base - OCBC Bank

FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank expects USD/JPY to range and AUD/USD to base build.

He feels that more range trading may be in store for the USD/JPY, noting news flow indicating new regulations on foreign exchange margin trading for Japanese investors this morning with near term upticks likely to be met with some suspicion. In the near term, he feels that the 102.00 level may serve as a ceiling while supports are expected at around 100.40 before 100.00. He writes, “On a related note, the US 10y UST yield remaining above the 2.00% handle may imply that the century mark for the USD/JPY may be a fairly hard floor to break.”Moving to AUD/USD, Ng feels that it may attempt to base build around the 0.9600 neighborhood pending further cues and in the interim, markets may also look to economic releases to determine odds of continued bearishness out of the RBA. He writes, “As noted previously, any violation of 0.9600 may pave the way down to 0.9388 area from a technical perspective.”

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