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USD/JPY: sentiment driving Yen - Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Analysts at Scotiabank explained that sentiment continues to dominate movement in JPY.

    Key Quotes:

    "We note a sizeable disconnect to levels implied by yield spreads and a tight correlation to risk reversals."

    "JPY showed no discernible response to comments from Gov. Kuroda, and the softer than expected preliminary PMI failed to generate a reaction."

    "USD/JPY is testing near term resistance around 113.40, a level that roughly coincides with the 200 hour MA and the 38.2% Fibo retracement of the Feb 11-16 rally."
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