Forex Flash: USD/JPY buoyed by dovish BoJ candidate commentary - OCBC Bank

Emmanuel Ng of OCBC Bank notes that dovish comments from BoJ Governor nominee Kuroda, has kept USD/JPY afloat.

In the near term he notes that higher US yields may also continue to buoy the pair. Looking towards net speculative CFTC positioning, he sees that JPY shorts increased slightly in the latest week, in line with the supported outlook for the USD/PY. Near term, expect a strong floor at the 94.77 area while the pair may continue to test the boundaries around the 96.60 area.”