The Japanese Yen (JPY) is weak, lowering 0.2% against the US dollar (USD) but operating defensively and reaching new local minimums as we head to the American session on Thursday, they report Shaun Osborne and Eric Theoret, Scotiabank FX chief strategy.
Breaking the local range to reach new minimums
“The differentials are largely remained unchanged after the Fed meeting on Wednesday, and the events of this week of the Boj/Fed have offered little to those who seek a change in the perspective of the relative policy of the central banks. We maintain a bullish posture on the JPY backed by a Boj with Hawkish bias and we see the current neutrality of the Fed as a prelude to a prelude to a medium term.”
“We maintain an objective for the USDJPY at the end of the year of 135 and an objective for the end of the year 2026 of 125. The short -term risk for the JPY is related to the publication of the national data of the CPI at 7:30 pm et.”
Source: Fx Street
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