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3 Mar 2015
USD/JPY points to 124.00 in 3-month – Danske Bank
FXStreet (Edinburgh) - Senior Analyst at Danske Bank Signe Roed-Frederiksen sees the pair climbing to 124.00 in a 3-month horizon.
Key Quotes
“The USD is trading with a bid tone ahead of the big events this week, particularly the ECB meeting and non-farm payroll”.
“Interestingly, USD/JPY is breaking higher after having been trading in a narrow range for a long time”.
“Monetary divergence between US and Japan is so large that USD/JPY should rally”.
“According to IMM positioning, we note that short JPY positioning is currently at its least bearish level in percentage of open interest since November 2012. This should provide the room for a further leg higher in USD/JPY”.
“We forecast USD/JPY to edge higher to 124 in 3M, 125 in 6M and 126 in
12M”.
Key Quotes
“The USD is trading with a bid tone ahead of the big events this week, particularly the ECB meeting and non-farm payroll”.
“Interestingly, USD/JPY is breaking higher after having been trading in a narrow range for a long time”.
“Monetary divergence between US and Japan is so large that USD/JPY should rally”.
“According to IMM positioning, we note that short JPY positioning is currently at its least bearish level in percentage of open interest since November 2012. This should provide the room for a further leg higher in USD/JPY”.
“We forecast USD/JPY to edge higher to 124 in 3M, 125 in 6M and 126 in
12M”.