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USD/JPY No major hurdle to 120 – KBC

FXStreet (Barcelona) - The KBC Research Team sees no hurdles for the USD/JPY pair to reach the 120 mark after it set a new top in the 116.10 area.

Key Quotes

“USD/JPY spiked sharply higher after the BoJ policy decision. The pair took out the recent top and even the August 2008 high (110.66).”

“The pair set a new correction top in the 116.10-area earlier this week. Technically there is no big hurdle anymore till the psychological 120 mark and the major LT 2007 top (124.11). These levels are far away, but the break suggests that the move in USD/JPY might still have some way to go, both due to yen weakness and further USD strength.”

“Some short-term consolidation is possible as the pair is heavily overbought, but we still join the trend.”

Turkey Current Account Balance: $-2.22B (September) vs $-2.77B

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