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USD/JPY a sell or wait and see? - Scotiabank

FXStreet (Barcelona) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank notes the conditions in the USD/JPY in resting mode.

Key Quotes:

"JPY having traded in a relatively narrow range over the last five sessions…there was no top tier data released today."

"Retired vice finmin Sakakibara suggested that the JPY is unlikely to depreciate out of control, however we do not see this as a major driver of JPY from here. The highlight for JPY will be the release of CPI and macro data in Asia’s Friday session."

"USD/JPY short‐term technicals: mixed with the candlestick pattern over the last five sessions suggesting a lack of upside pressure and the MACD generating a sell signal. The last MACD sell signal, generated on October 2nd proved significant."

"However other indicators have failed to turn, warning of a period of rest. Support lies at the recent low of 117.36 while resistance comes in a the November high of 118.98."

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