FXStreet (Barcelona) – The Bank of Tokyo-Mitsubishi UFJ Team, maintains a neutral bias on USD/JPY for the next week, forecasting the pair to maintain a 122-124 range.
Key Quotes
“The dovish tone after the FOMC meeting has undermined USDJPY, though the FOMC did continue to signal one or two rate hikes this year. The dovish Fed has resulted in a pause in the recent US dollar bullish momentum. The US dollar has weakened against many other currencies fundamentally.”
“Kuroda’s comment confirmed the top side of USD/JPY heavy around 124-level. The US data may not boost USDJPY buying further.”
“Meanwhile, the bottom of the USDJPY trading band around 122-level is likely to be supported by JPY selling from Japanese importers and investors thanks to the positive growth momentum. The lingering US rate hike expectation may encourage USDJPY buying within the narrow range.”
“USD/JPY – Neutral Bias – (122.00-124.00)”
(Market News Provided by FXstreet)