Technical risks point to USD/JPY rising towards 114/115 in the medium term - Scotiabank

Ross J Burland FXStreet

Analysts at Scotiabank noted the bullish conditions surrounding USD/JPY.

Key Quotes:

"USD/JPY has advanced sharply following the USD’s break above 3-year trend resistance around 111.50."

"The JPY is under-performing broadly on the session today as risk sentiment improves."

"Risk-reversal pricing reflects a bid for USD calls (3m tenors) which suggests the market is a little more confident about the USD/JPY move up extending."

"We think technical risks point to USDJPY rising towards 114/115 in the medium term."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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