JPY Trading Outlook (02-04-2014)
USD/JPY: In the heavy yen selling market, EURJPY was the overall winner out of the yen crosses. USD/JPY chiming in following the weak Tankan Q2 outlook results published on the same day as Japan’s sales tax which climbed to 8% for 5%. Investors are now guessing that BOJ would launch QQE2 by some-time in July. The pair is now beyond 103.65, 61.8% of the 105.45-100.76 slide. March 7 high at 103.77 is next. Intra-day low held above 103.10 cloud top with talk of a yard of bids later at 103.20. Yellen’s dovish comments on Monday did more for stocks & risk than to depress Treasury yields.
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