Flash: JPY heavy for much longer? – OCBC

FXstreet.com (London) - Emmanuel Ng, strategist at OCBC suggested that, weighed by heavy JPY crosses, expect USD/JPY to remain heavy in the near term.

Key Quotes:

“On the CFTC front, net speculative JPY shorts increased slightly in the latest week but as noted above (and previously), heavy tone may be expected to persist on the back of potential risk aversion”.

“Note that the pair has detached itself from the 55-day MA (98.63) with a support zone expected around 97.60/00 expected to offer an interim cushion”.