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GBPJPY Bulls on Guard: Buy the Dip at 206 as Support Holds Firm – Target 208 in Sight

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USD/JPY remains bid

Wednesday, March 11, 2015 8:37 AM UTC

Pair's technical outlook remains on upside
Short-term bulls require resumption of trading above 121.37 pivot point
Japanese names bought EUR/JPY in Asia, pushing spot above 121.00
5year UST/JGB spread narrows since Mon; positive relationship is spot continues
30-day log correlation between 5year UST/JGB & spot is +0.73

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USD/JPY remains bid

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