USD/JPY: stationary awaiting BoJ minutes – Scotiabank

By FXStreet FXStreet (Guatemala) – Analysts at Scotiabank explained that the JPY remains quiet and broadly range bound.

Key Quotes:

“BoJ minutes are released tonight and Governor Kuroda is speaking in Tokyo this evening. Tomorrow night, CPI, unemployment and household spending data are released.

USD/JPY short‐term technicals: (neutral/bearish). USD/JPY is trapped in a trading range but technical risks are still tilted a little more obviously towards the downside in the near‐term.

The USD is essentially range trading and, having stalled near the top of the range earlier this week— and clearly rejected higher levels by reversing aggressively—seems poised to move lower. Daily charts show USD/JPY resting, just about, on “cloud” chart support at 120.85. Momentum appears to be building for a push lower.”
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Source:: FX Street