USD/JPY: daily update
USD/JPY rose yesterday by almost 170 pips. Today the pair rose to 99.85. The greenback’s approaching resistance in the 100.00 area.
Bank of Tokyo Mitsubishi UFJ says that the outlook USD/JPY looks neutral ahead and is set to range between 97.50 and 100.50. The pair will be supported unless US NFP data comes much worse than expected. At the same time, the upside will be limited because of the lack of important news from Japan next week.
Such outlook is in line with daily technical indicators. An increase above 100.50 is needed for the bulls to regain their strength.
Bank of America Merrill Lynch will revise bearish outlook on USD/JPY if it rises above 100.15 (channel resistance). In this case the bank will target 101.55 and potentially 103.73.
Chart. Daily USD/JPY