FXstreet.com (San Francisco) - USD/JPY gained ground for a fifth successive day on Friday, having extended into the 79.55 price zone to record a 1.6% weekly gain after 3 weeks of consolidation.
“Domestically Japan is relatively quiet, with the exception of some interesting political appointments, leaving a subdued risk environment, rising US bond yields and JPY selling on the crosses (including EUR) as the main culprits behind JPY weakness,” comments Camilla Sutton, CFA, CMT, Chief Currency Strategist at Scotiabank. “We hold a year‐end USDJPY forecast of 78; but expect it to rally up to 80 in the near‐term.”
“Domestically Japan is relatively quiet, with the exception of some interesting political appointments, leaving a subdued risk environment, rising US bond yields and JPY selling on the crosses (including EUR) as the main culprits behind JPY weakness,” comments Camilla Sutton, CFA, CMT, Chief Currency Strategist at Scotiabank. “We hold a year‐end USDJPY forecast of 78; but expect it to rally up to 80 in the near‐term.”
