Ikon Forex – A senior forex dealer in a major Japan bank said on Tuesday July 20 that the forex price of USD/JPY might surge up in this session because of there might be large amount of buying demand for the post fund raising in Japan in the forex market.
This forex dealer pointed out that even though so far the scale of the buying of the post fund raising was not quite clear in the forex market, but it was predicted this would be enough to give some support to the forex price of USD/JPY. He also added that the post fund raising had largely increased its holding in USD/JPY, targeted to increased its USD assets.
This forex dealer thought the forex rate of USD/JPY might surge up to 87.30, where there would be millions of exporters selling out their USD/JPY assets that would bring some pressure to the surging trend of USD/JPY but the supporting point of the forex rate of USD/JPY would be at 86.26 in the forex market.
Referring to EUR, he said the performance of the Asia-Pacific stock market would impact the direction of the forex rate of EUR/JPY in the forex market. It was predicted that in this session the forex price of EUR/JPY would float between 112.00 and 112.75; and the cross trading range of the forex price EUR/USD would be from 1.2900 to 1.3000 in the forex market.
The forex rate of USD/JPY was 87.02/04 at 09:18 Beijing time.
Edited by Laura.