HALISTER1: USD/JPY Corrective Fall Tracking Nikkei Decline, BofAML Says

USD/JPY Corrective Fall Tracking Nikkei Decline, BofAML Says

(Bloomberg) -- USD/JPY decline is a corrective move tracking lower Nikkei 225 index, says Takuya Iwasaki, executive general manager of foreign-exchange sales at Bank of America.
  • Last week’s close at 110.15 confirms view by some market participants that mid-110.00 area has heavy technical resistance , says Tokyo-based Iwasaki by phone
  • USD/JPY may find support in 109.50-70 range as resistance zone from early last week turns into support area, given Fed officials may continue showing a hawkish stance
  • No fiscal coordination from G-7 finance ministers and central bank governors meeting last week, unchanging govt’s sales-tax increase stance may together weigh on risk sentiment
  • USD/JPY now down 0.4% at 109.69, vs 109.64-110.24 range
  • Related story: Sold by retail investors after trade data
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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Takuya Iwasaki (Bank of America Corp)

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