Talking Forex: USD/JPY Trend Remains Bullish

www.investing.com/analysis/talking-forex:-usd-jpy-trend-remains-bullish-196747

By Talking Forex | Dec 23, 2013 09:59AM ET

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EUR/USD

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USD/JPY

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EUR/USD
The pair finished the session in minor positive territory amid a weaker USD as market participants used relatively quiet trading conditions to book profits on upside USD bets following last week’s Fed inspired USD rally. There was little in terms of EU specific news flow, but ECB’s Praet said that the ECB are ready to intervene if credit contracts. Also of note, IT/GE and SP/GE spreads widened in what was generally an extension of the price action seen last week following larger than expected 3y LTRO repayment by banks which was said to have been linked to next year’s Asset Quality Review by the ECB.

GBP/USD
Even though short-sterling curve continued to bear steepen as market participants priced in higher borrowing rates following the release of better than expected UK based macroeconomic data last week, the pair failed to benefit from a weaker USD and finished the session little changed. On that note, the Sunday Times reported that the BoE could face pressure to change its forward guidance policy as early as March due to a faster than expected fall in unemployment. At the same time, the Sunday Telegraph reported citing BoE’s Bailey saying that he does not think the housing market is out of control, reiterating that the BoE has tools to that can be used if this concern changes.

USD/JPY
Touted profit taking, together with option related flow saw the pair finish the session in minor negative territory on Monday. However the underlying trend remains bullish and interest rate differentials are expected to prove supportive for the pair in the short-term. In terms of Japan specific commentary, according to unidentified officials, Japan are set to reduce bond issuance for the first time since 2008, planning to issue JPY 155.1trl in the fiscal year from April 2014, Elsewhere, Japan’s budget may rise to JPY 95.9trl in FY 2014, according to unsourced reports.

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Central Banks

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Mar 19, 2025

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2.90%

Mar 06, 2025

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4.50%

Mar 20, 2025

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Mar 20, 2025

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Apr 01, 2025

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Mar 12, 2025

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Apr 09, 2025

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Mar 19, 2025

CBR

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RBI

6.25%

Mar 10, 2025

PBOC

3.10%

BCB

13.25%

Mar 19, 2025

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Talking Forex: USD/JPY Trend Remains Bullish

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