USD/JPY: a bullish close for week – Scotiabank

By FXStreet FXStreet (Guatemala) – – Scotiabank

Analysts at Scotiabank explained that the N225 surged nearly 6% today as risk appetite improved and locals responded to press speculation that the BoJ may provide further stimulus for the economy.

Key Quotes:

“The JPY weakened broadly, however, as the typical market knee‐jerk response to rising global stocks was to sell safe‐havens. USD/JPY short‐term technicals: bullish USD/JPY’s December/January slide may be nearing a terminal point, if we are not there already.

Short‐ term technical signals are not turning obviously higher at this point (gains above 118.75 will be positive) but the import of the weekly chart signals is clearly constructive and suggests an important low/turning point may have been reached. A strong close to the week should bolster broader recovery prospects.”
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Source:: FX Street