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26 Apr 2013
Forex Flash: USD/JPY made no attempt to take 100.00 despite NY USD optimism - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that despite the optimism towards the dollar in NY, he notes that USD/JPY made no attempt to breach the 100.00 ceiling, leaving him to conclude that near term prospects for the pair may be centered on the Japanese front.
As such, he notes that the BoJ meeting today may prove pivotal and in a nutshell, he continues to expect an eventual break out higher. He writes, “With little discretionary USD strength, USD/JPY remains In the interim, we stay with a buy-dips stance and expect markets to stage a break out towards 100.80 if 100.00 is eventually printed.” Looking to AUD/USD, he notes that in the near term, AUD may attempt to garner strength from the equity/commodity backdrop as well as the AUD/JPY, but he thinks the pair may require a sustained breach of the 55-day MA (1.0346) to more fully neutralize its heaviness. He writes, “The next significant support on dips is expected towards 1.0220.”
As such, he notes that the BoJ meeting today may prove pivotal and in a nutshell, he continues to expect an eventual break out higher. He writes, “With little discretionary USD strength, USD/JPY remains In the interim, we stay with a buy-dips stance and expect markets to stage a break out towards 100.80 if 100.00 is eventually printed.” Looking to AUD/USD, he notes that in the near term, AUD may attempt to garner strength from the equity/commodity backdrop as well as the AUD/JPY, but he thinks the pair may require a sustained breach of the 55-day MA (1.0346) to more fully neutralize its heaviness. He writes, “The next significant support on dips is expected towards 1.0220.”