JPY outlook: Crosses starting to look bid again
- EUR/JPY broke through technical resistance at 131.20 and looks like a buy-dips proposition for a re-test of 134.00.
- GBP/JPY looks likely to test technical resistance levels near 154.20.
- USD/JPY is unlikely to scream higher in a straight line but should find support near 99.50 for a 101.50 re-test.
The lack of Fed tapering should keep risk sentiment quite strong which is bullish for the Yen crosses but also mildly bearish for the USD. I’d expect more range trading for USD/JPY and look to the crosses for the trends.