Flash: USD/JPY may trade heavy after Summers out - OCBC Bank

FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that Tokyo is away for a long weekend today and the USD/JPY may trade heavy in the wake of the Summers-related news flow and market wariness towards the dollar in pre-FOMC trade.

Key Quotes

“On the CFTC front, net speculative JPY shorts were pared in the latest week, and we continue to think that the USD/JPY remains a cleaner representation of dollar sentiment ahead of and post FOMC.”

“Immediate support is expected at the 55-day MA (98.89) before the 98.30 area while 100.00 on the upside remains a hard habit to break for now.”

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