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13 Aug 2013
Flash: USD/JPY finds near term bottom? - BTMU
FXstreet.com (Barcelona) - Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the yen has weakened further in the Asian trading session.
Key Quotes
“USD/JPY appears to have formed a near-term bottom after hitting an intra-day low of 95.81 recorded on the 8th August, which would represent the fourth consecutive higher low point following intra-day lows of 90.87 recorded on the 25th February, 92.58 recorded on the 2nd April, and 93.77 recorded on the 13th June.”
“Technically the series of higher lows signals that the underlying trend for USD/JPY still remains higher with the recent adjustment lower into early August likely only a short-term correction.”
“The combination of renewed yen weakness and reports overnight that Japanese Prime Minister Abe is considering lower corporate taxes has resulted in the Nikkei 225 index rising by over 2.5%.”
Key Quotes
“USD/JPY appears to have formed a near-term bottom after hitting an intra-day low of 95.81 recorded on the 8th August, which would represent the fourth consecutive higher low point following intra-day lows of 90.87 recorded on the 25th February, 92.58 recorded on the 2nd April, and 93.77 recorded on the 13th June.”
“Technically the series of higher lows signals that the underlying trend for USD/JPY still remains higher with the recent adjustment lower into early August likely only a short-term correction.”
“The combination of renewed yen weakness and reports overnight that Japanese Prime Minister Abe is considering lower corporate taxes has resulted in the Nikkei 225 index rising by over 2.5%.”