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11 Mar 2015
USD/JPY is higher, but vulnerable to a round of risk aversion – Scotiabank
FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, expects USD/JPY to trade higher over time but near-term vulnerability might be seen in the pair as risk aversion falls.
Key Quotes
“After trading to fresh 7.5 year highs during Tuesday’s session, USDJPY is entering the NA session close to these levels.”
“Fundamental data included vaguely better than expected machine orders and PPI; however the core driver of USDJPY has been the USD side of the equation.”
“We expect USDJPY to trend higher over time, but see it less vulnerable than others in the near‐term as rising risk aversion will begin to suppress USDJPY upside risk.”
Key Quotes
“After trading to fresh 7.5 year highs during Tuesday’s session, USDJPY is entering the NA session close to these levels.”
“Fundamental data included vaguely better than expected machine orders and PPI; however the core driver of USDJPY has been the USD side of the equation.”
“We expect USDJPY to trend higher over time, but see it less vulnerable than others in the near‐term as rising risk aversion will begin to suppress USDJPY upside risk.”