Westpac economists remain aiming to sell USD / JPY at around 107, even if the 104.00 / 106.50 range continues for a while longer.
Key statements:
“We have long argued that as we progressed from September to October, risk sentiment would take a hit as a widening political gulf in the US almost ruled out fiscal support for families and markets. they started to price in more shocks in the US elections. However, for now, the market seems happy to use USD / JPY to express directional views on the dollar rather than reflect risk appetite / aversion. ”
“As we get closer to the end of the month and the elections get closer, we expect to see a stronger yen.”
“We remain on the sidelines for now as the 104.00 / 106.50 range looks like it will continue for some time, but we maintain our sell target around 107.”
Credits: Forex Street
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