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2 Oct 2013
Flash: USD/JPY negative as Abe delivers – OCBC
FXstreet.com (Athens) – Emmanuel Ng of OCBC Bank suggests that PM Abe delivered as expected and as such he remains negative on USD/JPY.
Key Quotes
“(Abe) revealed that the national sales tax would be raised from 5 April 13 but balanced this with an economic stimulus amounting to JPY5tn.”
“The USD may remain somewhat tender against the JPY in the current environment with the 55-day MA (98.59) a first resistance while 97.50 may beckon if 98.00 caves.”
Key Quotes
“(Abe) revealed that the national sales tax would be raised from 5 April 13 but balanced this with an economic stimulus amounting to JPY5tn.”
“The USD may remain somewhat tender against the JPY in the current environment with the 55-day MA (98.59) a first resistance while 97.50 may beckon if 98.00 caves.”