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17 Apr 2013
Forex Flash: Rebounding Yen crosses send USD/JPY higher - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that rebounding JPY crosses helped send USD/JPY higher again on tuesday, although he remains somewhat neutral on the pair pending further developments on the risk appetite front.
He writes, “Note that a further improvement in global risk appetite levels may see investors reinitiating further JPY-cross buying and especially if G20 rhetoric is not unduly critical towards Japan as we expect. In the interim, any further consolidation south may be stonewalled by the 55-day MA (94.70) although 100.00 up top remains a solid resistance for now. Looking to AUD/USD he notes that the latest RBA meeting minutes yielded little new colour for AUD on Tuesday and going ahead, the pair would have to clear the 200D MA at 1.0398 to nullify its heaviness. Any failure on this front may risk another relapse back to the 55D MA.
He writes, “Note that a further improvement in global risk appetite levels may see investors reinitiating further JPY-cross buying and especially if G20 rhetoric is not unduly critical towards Japan as we expect. In the interim, any further consolidation south may be stonewalled by the 55-day MA (94.70) although 100.00 up top remains a solid resistance for now. Looking to AUD/USD he notes that the latest RBA meeting minutes yielded little new colour for AUD on Tuesday and going ahead, the pair would have to clear the 200D MA at 1.0398 to nullify its heaviness. Any failure on this front may risk another relapse back to the 55D MA.