JPY Trading Outlook
The Sterling (GBP) EUR/GBP tried but failed to break on the downside and the GBP/USD moved higher but still under 1.6000 while we wait for further stimulus. The GBP/JPY is getting a lot of attention with some looking to buy below the Y130 level for a potential rally higher. Looking ahead, March PPI Output forecast at 0.2% vs. 0.5% previously m/m.
The Japanese Yen (JPY) USD/JPY moved back above Y81 but is not convincing in it recovery and could test Y80 or Y80.60 in coming sessions if the downside is tested again. The Fed Speak from US officials is not helping the USD/JPY as much of the 2012 move higher is on the back of normalization in US monetary policy faster than first expected.
The Japanese Yen (JPY) the USD/JPY sell off continued with crosses slumping helping send the major below Y81 and to Y80.60 where large buy orders from semi-official government agencies stabilized the market. The BOJ is likely to try and protect the Y80 with jawboning at least and could announce new measures to help the market reverse direction.
The Japanese Yen (JPY) the USD/JPY selling eased and we saw a small bounce to Y81.60 with the crosses also enjoying small rallies overnight. The downside is likely to continue with the EUR/JPY cross under pressure and the AUD/JPY falling on China concerns.
The Japanese Yen (JPY) crashed lower after the jobs data falling to below Y81.50 and we moved to Y81.30 on Monday morning with little support now that US Yields suggest more QE3 or longer till the FED can change course on the monetary policy.
Go to Japanese Yen (JPY) Archive



