UBS quick comments on the USD/JPY (this from ahead of the NFP BTW)
The BoJ's efforts to talk the JPY down appear to be working, albeit probably slower than they'd like.
USDJPY is inching higher but it's a glacial pace fighting against a greenback beset by growing fears of its ballooning budget deficit.
Prefer to engage nearer the recent lows around 109.30 and targeting a move above 110.00 in the short term with a stop below 108.80
Levels (these from Friday)
Support
- 109.25
- 109.10 (Weekly Cloud bottom)
- 108.60
