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4 Feb 2013
Forex Flash: Buy USD/JPY – OCBC Bank
Emmanuel Ng, of OCBC Bank believe that this week represents a nice opportunity to try and reinstate long USD/JPY positions.
He comments that he has taken a position at 92.87, with a target of 95.30 and a stop at 91.60. He writes, “A weak yen we think remains the path of least resistance given that the BOJ remains almost unanimously the most dovish central bank on the street at this juncture. Meanwhile, any economic resilience in the US economic outlook may continue to manifest itself via a firmer USD/JPY.”
He comments that he has taken a position at 92.87, with a target of 95.30 and a stop at 91.60. He writes, “A weak yen we think remains the path of least resistance given that the BOJ remains almost unanimously the most dovish central bank on the street at this juncture. Meanwhile, any economic resilience in the US economic outlook may continue to manifest itself via a firmer USD/JPY.”