FXstreet.com (Barcelona) - Despite providing to the market what was expected from the Fed (extension of QE3 from $40B to $85B a month, resuming MBS purchases of $40B a month and $45B of Treasury purchases), the Japanese Yen is still weakening more than the greenback. Trading ahead of the Dec-16 election in Japan and expectations of a much more dovish BoJ afterwards, markets are selling Yen agressively.
The USD/JPY rally seen this week found its current high at 83.67 on Asian hours and the pair is now consolidating at 83.55 area.
UBS analysts are bullish on the USD/JPY: “The pair targets significant resistance at 84.18, a break above would expose 85.00”; wrote analyst Geoffrey Yu, pointing to support at 82.47.
The USD/JPY rally seen this week found its current high at 83.67 on Asian hours and the pair is now consolidating at 83.55 area.
UBS analysts are bullish on the USD/JPY: “The pair targets significant resistance at 84.18, a break above would expose 85.00”; wrote analyst Geoffrey Yu, pointing to support at 82.47.
