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18 Apr 2013
Forex Flash: USD/JPY looks neutral ahead - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank is remaining neutral on USD/JPY at this juncture in light of the background nervousness in the markets.
Barring a further implosion in risk appetite levels, he feels that any further consolidation south may be stonewalled by the 55-day MA (94.82) although 100.00 up top remains a solid resistance for now. Moving to AUD/USD, he notes that going ahead, he is getting increasingly suspicious of AUD prospects amid commodity and global macro cues with the 55-day MA (1.0354) and the 200-day MA (1.0398) now serving as resistance levels instead. He writes, “On the downside, scope for a move towards 1.0200 and then 1.0165 may be heightening if investor sentiment sours further.
Barring a further implosion in risk appetite levels, he feels that any further consolidation south may be stonewalled by the 55-day MA (94.82) although 100.00 up top remains a solid resistance for now. Moving to AUD/USD, he notes that going ahead, he is getting increasingly suspicious of AUD prospects amid commodity and global macro cues with the 55-day MA (1.0354) and the 200-day MA (1.0398) now serving as resistance levels instead. He writes, “On the downside, scope for a move towards 1.0200 and then 1.0165 may be heightening if investor sentiment sours further.