USD/JPY’s technicals are bullish – Scotiabank

FXStreet Insights Team FXStreet

The Japanese Yen (JPY) is soft, down 0.2% against the US Dollar (USD) and a mid-performer among the G10 currencies, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

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"Markets have offered no meaningful response to the release of better than expected GDP data for Q3, where the preliminary print revealed a contraction of 1.8% QoQ (vs. -2.4% exp.). This week’s highlight will be the CPI data scheduled for release on Friday, where headline and core are expected to hold steady around 3.0%."

"The outlook for the BoJ remains hawkish but rates markets are pushing out the timing of the anticipated hike, with December now priced at 8bpts, and January at 18bpts. USD/JPY’s technicals are bullish, with an RSI in the mid60s. Near-term resistance has been observed around 155, and additional resistance is expected at 157.50."

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FXStreet Insights Team

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The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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