FXstreet.com (San Francisco) - After testing July 19 and 20 highs at 78.80, the USD/JPY retreated to 78.50 and now the pair is trading in consolidation mode close to 78.60, 0.18% up so far on the day.
"USDJPY continues to trade within its two‐week narrow 86 point range" between 77.91 ‐ 78.77 "after the BoJ made no change" in its monetary policy, comments Camilla Sutton from Scotiabank team.
"Accordingly for short term traders," said the Scotiabank analyst, "we favour being long USDJPY; but for medium term traders we expect USDJPY to be bound by a broader range and hold a year‐end target of 78."
"USDJPY continues to trade within its two‐week narrow 86 point range" between 77.91 ‐ 78.77 "after the BoJ made no change" in its monetary policy, comments Camilla Sutton from Scotiabank team.
"Accordingly for short term traders," said the Scotiabank analyst, "we favour being long USDJPY; but for medium term traders we expect USDJPY to be bound by a broader range and hold a year‐end target of 78."
