FXStreet (Guatemala) – Derek Halpenny, European Head of GMR noted the conditions surrounding USD/JPY.
“USD/JPY today breached the 2007 high of 124.14 and is sustaining levels above this previous high suggesting further upside over the near-term.”
“There is a clear risk of fresh highs with the focus now at levels over 125.00 from December 2002. However, from a historic perspective the yen on a REER basis is at extreme under-valued levels that may limit the scale of upside.”
“However, over the short-term momentum is likely to take USD/JPY to fresh highs.”
Derek Halpenny, European Head of GMR noted the conditions surrounding USD/JPY.
(Market News Provided by FXstreet)