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USD/JPY tough resistance lies at 120.90 – OCBC

FXStreet (Edinburgh) - Emmanuel Ng, FX Strategist at OCBC Bank, noted the critical resistance facing the pair in the area of 120.90.

Key Quotes

USD-JPY may continue to loiter in the neighborhood of the psychological 120.00 level with the 200-day MA (120.90) also providing an anchor pending further news flow”.

“On the CFTC front, net leveraged JPY shorts were reduced in the latest week although markets may continue to collect on any dips towards 119.30 at this juncture”.

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