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JPY reaches a 7-year low – Scotiabank

FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank notes that the USD/JPY uptrend is fundamentally justified and too hard to fight, as USD/JPY climbs to make a 7-year high.

Key Quotes

“USDJPY traded briefly to a fresh 7‐year high, but is entering the NA session essentially where it closed”

“A sudden surge in exports, up 9.6%y/y versus expectation of 4.5% and last month’s 6.9% rise hints that the weaker JPY is supporting trade; however the release failed to generate any FX reaction, with the market more focused on the diverging fundamental backdrops.”

“Technical studies all warn of further USDJPY upside risk, with few warning signals developing. The RSI, at 83 suggests a market that is well overbought, however if anything it warns only of a short period of stabilization.”

“The next major level of resistance is 120, followed by the 2007 high of 124.”

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