JPY Trading Outlook (16-09-2014)
USD/JPY USD/JPY opened NY 107.25, traded 107.01/31 and closed the session 107.20. Good bids 107.00 and decent offers ahead of 107.50 barriers had spot hemmed in and the aftermath of a Tokyo bank holiday left the market in no mood to try anything too risky. The FOMC meeting on Wednesday is uppermost on traders’ minds and for now they’re happy with the sidelines. EUR/JPY opened the NY session 138.60, traded a tight 138.47/74 and closed the session a tad higher c 138.68. EUR/JPY was the primary driver there, lows after fresh ECB asset-backed QE comments & a strong US NY Fed idx, highs after US IP, Mfg prod. & Cap Util all missed f/c. The SNB meets Thursday which also has traders a bit edgy in case they match the ECB’s rate cut.
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