USD/JPY resistance at 120.00 is short term cap - Scotiabank

FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained they are holding a Q4 2015 target of 126.00 in USD/JPY.

Key Quotes:

"In the nearterm, risk lies with market risk appetite as well as the weekend election."

"USD/JPY short‐term technicals: mixed—technicals have shifted, warning of a period of stability before there is enough momentum to push USD/JPY higher. Support lies initially at yesterday’s low of 117.95 with a test down to 116.82 likely in the near‐term; resistance comes in at 120.00."