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Forex Flash: USD/JPY continues to build a base - OCBC Bank

Emmanuel Ng of OCBC Bank suspects that USD/JPY may continue to build a base around current levels, with the options market paring its near term expectations for aggressive Yen weakness.

He feels that in the near term, the 96.00 area may serve as a beacon pending further cues while 94.70/00 may offer support on any further recapitulation. Looking to AUD/USD, Ng feels that AUD has been quietly outperforming on a relative basis with expectations of further monetary easing perceptibly fading of late. He writes, “We remain mildly constructive towards the AUD at this juncture although look also for potential volatility for the antipodeans with the RBNZ statement (any hints of a less hawkish stance to be market negative) due late Thursday. In the interim, expect resistance for the AUD-USD to kick in towards the 200-day MA (1.0358) and then the 55-day MA (1.0599).”

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