Fundamental Analysis by Morgan Stanley - JPY: bullish ranging within 50.0% Fibo and 23.6% Fibo levels

Morgan Stanley made weekly forecast for JPY in fundamental/technical mixed way expecting neutral JPY:

"We believe that JPY is likely to outperform over the medium term but are more cautious in the near term for a few reasons. First, we believe that risk appetite could see some near-term support on the back of potential China fiscal stimulus and Fed hike delays. This would weigh on safe haven current account currencies such as JPY. Second, data out of Japan have been somewhat weaker, raising the risks of further easing in the country."

From the technical point of view - USD/JPY is located above 100-SMA/200-SMA for ranging within 125.85 key resistance and 115.85 key support levels. The price is near 38.2% Fibo support at 119.86 between 50.0% Fibo resistance at 121.02 and 23.6% Fibo support at 118.41