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14 Jun 2013
Flash: USD/JPY bullish analysis and over night fundamentals - Nomura / The Bank of Tokyo-Mitsubishi UFJ, Ltd
FXstreet.com (London) - Saeed Amen, strategist at Nomura explains that USD/JPY spot is lower since their last update.
They retain their bullish view in USD/JPY.
First, Bollinger bandwidth, while still in the expansion phase, is reaching very high levels, suggesting that the breakout is likely to get exhausted soon. Also they point out RSI is getting to very low levels, suggesting it could be reaching a short-term low.
Meanwhile, Lee Hardman, Currency Analyst for The Bank of Tokyo-Mitsubishi UFJ, Ltd said that the yen strengthened following the release overnight of the BoJ monetary policy minutes from the 21st to 22nd May meeting which revealed that one member, most likely Takahide Kiuchi, raised some concern that the BoJ’s communication strategy may actually be increasing JGB volatility
They retain their bullish view in USD/JPY.
First, Bollinger bandwidth, while still in the expansion phase, is reaching very high levels, suggesting that the breakout is likely to get exhausted soon. Also they point out RSI is getting to very low levels, suggesting it could be reaching a short-term low.
Meanwhile, Lee Hardman, Currency Analyst for The Bank of Tokyo-Mitsubishi UFJ, Ltd said that the yen strengthened following the release overnight of the BoJ monetary policy minutes from the 21st to 22nd May meeting which revealed that one member, most likely Takahide Kiuchi, raised some concern that the BoJ’s communication strategy may actually be increasing JGB volatility