This is from the eFX folks.
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Goldman Sachs Research sees the balance of risks favoring a weaker yen in the coming weeks.
- “Reports of US non-farm payrolls sent US yields higher and equities lower. Especially in an environment where Japanese yields are pegged, a negative combination for the yen. In fact, this day , the Japanese Yen underperformed most other major currencies, pushing USD/JPY towards the $3-132 monthly forecast,” notes GS.
- “The combination of our basic 2023 view of no recession, higher US yields, and a slightly different continuation of YCC means that more flexibility at the Bank of Japan will make the balance of risks more favorable for the currency. suggests a new period of weaker yen, even though it appears
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The USD/JPY chart is mine, the lines are mine, and I’m sure ForexLive traders can do better than me.