JPY Trading Outlook (22-04-2014)

USD/JPY: Tight range trading being played, roughly 102.50-102.70, supported by a positive tone in the equity market. The GPIF story added optimism for the Japan bulls in what is sure to be a big week for the country as it looks to put a stalled Abenomics trade back on track. However, on the USD side, it remains unclear, although data been relatively good but short term rates are not reacting too much on it. Need a break above 103 for further movement.

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