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JPY stronger into the open - Scotiabank

FXStreet (Barcelona) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank, notes that JPY was stronger into the open and up 0.2%, having failed to reach a fresh low today.

Key Quotes

“The currency has had a choppy session, but most of the rise came on the back of comments from Japan’s FinMin Aso, who suggested that sudden currency changes are unwelcomed and that over the past week the activity in USDJPY has been too fast."

"USDJPY short‐term technicals: bullish—well into overbought territory, today’s relieve for USDJPY is likely to prove only temporary; with upside pressure still strong and building.”

“Support lies at Wednesday’s open of 116.86; the recent high of 118.98 is the most obvious level of resistance followed by the psychological 120.00."

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