USD/JPY continued to hover near current highs. BOJ Governor Ueda restated that BOJ will raise policy rate if financial conditions continue to enhance this year. Set was last seen trading at 157.63, OCBC's FX experts Frances Cheung and Christopher Wong note.
USD/JPY might deal with periodic upward pressure
“He included that timing of rate modifications will depend upon the economy, inflation and monetary conditions. He likewise highlighted that the momentum for wage walking is a bottom line when thinking about rate walkings. He has actually been putting a great deal of concentrate on earnings however prevented to mean timing and rate of rate cut.”
“Chance of walking at the next MPC (24 Jan) is most likely still live. For now, the hesitation of BOJ and the assistance for Fed time out recommends that USD/JPY might continue to deal with periodic upward pressure.”
“Bullish momentum on everyday chart has actually faded however dip in RSI likewise moderated. Set might debt consolidation in the meantime up until a brand-new driver (or tip) occurs. Resistance at 158, 158.90 levels. Assistance at 156.67 (76.4% fibo retracement of Jul high to Sep low), 155.70 (21 DMA).”
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