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19 May 2014
Yen strength threatens to drag the USD/JPY lower - Societe Generale
FXStreet (Barcelona) - Kit Juckes, Global Head of Currency Strategy at Societe Generale, believes the USD/JPY could intensify its downside.
Key Quotes
"Meanwhile, in the day-to-day, We're trying to stick to our guns on USD/JPY but this morning has started with the Nikkei making a concerted test of 1400, and USD/JPY is testing the 200-day moving average at 101.23. Stops have been broken and a spike down is a clear danger."
"The next level the chart folks will look at will be 100.76, the year's low, and then 100. Strong machine orders data this morning (March up 19.1% m/m, +16.1% y/y, well above expectations) have seen hopes of further QE recede a little, while Treasury yields remain soft."
Key Quotes
"Meanwhile, in the day-to-day, We're trying to stick to our guns on USD/JPY but this morning has started with the Nikkei making a concerted test of 1400, and USD/JPY is testing the 200-day moving average at 101.23. Stops have been broken and a spike down is a clear danger."
"The next level the chart folks will look at will be 100.76, the year's low, and then 100. Strong machine orders data this morning (March up 19.1% m/m, +16.1% y/y, well above expectations) have seen hopes of further QE recede a little, while Treasury yields remain soft."