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Limited scope for USD/JPY weakness - TDS

FXStreet (Bali) - Shaun Osborne, Chief FX Strategist at TDS, notes that there is limited scope for USD/JPY weakness, with the underlying trend to remain strongly bullish.

Key Quotes

"USDJPY’s advance was checked on Friday and while short-term patterns suggest some fairly stiff resistance in the mid 115s and the potential for the USD to slip back to the 113 area in the next week or so, the market is having none of it at the moment and minor USD losses are being easily absorbed in the low 114s."

"The 114.00/15 area will remain something of a swing point for the USD early this week though; below support there and the USD may backtrack modestly (113). Despite the extensive move up in the USD over the past few weeks, the underlying trend here remains strongly aligned in favour of USD strength, however, and that suggests limited scope for USD weakness near-term and the likelihood of a strong bid for the USD on dips."

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