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Forex Flash: USD/JPY aiming for test of 80.00 - Scotiabank

By FXstreet.com,  August 16, 2012, 03:59:00 PM EDT

FXstreet.com (San Francisco) - After peaking at fresh monthly highs in the 79.40 zone today, USD/JPY is set to close above the 100- day EMA for the first time since July 5 and is set to record a fourth straight day of gains, last at 79.30 vs. 79.00.

"Most of the shift higher in USDJPY has come on the back of the rise in US interest rates, which has put significant upward pressure on US‐JN 2 year yields and USDJPY," explains Camilla Sutton, CFA, CMT, Chief Currency Strategist at Scotiabank. "We established a long USDJPY trade on Monday and continue to target a near‐term test of 80.00."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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