USD/JPY upside limited by 121.70 – OCBC

FXStreet (Edinburgh) - According to Emmanuel Ng, FX Strategist at OCBC Bank, the pair’s upside could be limited by the 121.70 area for the time being.

Key Quotes

“The USD-JPY may continue to hover within sight of its 200- day MA (121.00) pending further Fed/BOJ cues this week with 121.70 likely to limit on the upside while 120.70 and the 55-day MA (120.64) region is expected to offer near term support”.

“Coupled with a still sanguine risk appetite environment, investors may attempt to collect into dips at this juncture”.