Forex Flash: JPY prospects negative – OCBC Bank

Emmanuel Ng of OCBC Bank notes that looking ahead, the prospects for the JPY may remain negative, especially if the expected news flow surrounding incoming BOJ governor candidates continues to centre on perennial doves.

He writes, “Near term, look for the pair to remain in a holding pattern but risk reward for the pair may remain biased to the upside barring a further dissipation of positive risk appetite levels. Topside resistance at this juncture is expected towards 93.00 while the 91.70/00 neighbourhood may provide initial support on dips.”