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14 Nov 2013
Flash: USD/JPY to range ahead between 98.50-100.50 - BTMU
FXstreet.com (Edinburgh) - Bank of Tokyo Mitsubishi UFJ analysts believe that USD/JPY has a neutral bias ahead and is set to trade between the 98.50-100.50 range.
Key Quotes
“The text already released for the Senate confirmation hearing for Janet Yellen suggested forward guidance would be maintained and that monetary easing would continue to play a key role in returning the US economy to stronger growth.”
“That prompted some dollar weakness, albeit temporarily. The recent risk-on mode and Japanese finance minister Aso’s comment on currency intervention supported yen selling.”
“However the upcoming testimony is likely to support dollar selling, again though, perhaps only temporarily. Still, the upper end of the USD/JPY range for the week ahead indicates our view that USD/JPY gains over 100.00 will be difficult.”
Key Quotes
“The text already released for the Senate confirmation hearing for Janet Yellen suggested forward guidance would be maintained and that monetary easing would continue to play a key role in returning the US economy to stronger growth.”
“That prompted some dollar weakness, albeit temporarily. The recent risk-on mode and Japanese finance minister Aso’s comment on currency intervention supported yen selling.”
“However the upcoming testimony is likely to support dollar selling, again though, perhaps only temporarily. Still, the upper end of the USD/JPY range for the week ahead indicates our view that USD/JPY gains over 100.00 will be difficult.”