JPY Trading Outlook (23-04-2014)
USD/JPY: The yen strengthened a bit as one of the WSJ article stated that the BOJ was considering moving their inflation target higher next week which increased concerns in the market may have to wait longer for the QE2. The Kijun line at 102.70 has capped the USD/JPY for two days, as the 200 DMA has done the same for the Nikkei. Bulls waits patiently as they are satisfied to buy on dips as Nikkei still trades poorly and the Abenomics trade lacks momentum. Main focus on for this week on this pair would be Friday’s Tokyo CPI as it includes the recent imposed sales tax hike.
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