USDJPY set to see a trading range below the 140 mark – TDS
USDJPY has put in good work to form a top. Economists at TD Securities expect the pair to trade below the 140 level.
FX intervention above 150 is likely
“USDJPY is in the process of forming a top.”
“FX intervention above 150 is likely.”
“We still think the BOJ wants to maintain a stable but weak currency to encourage inflation pass through, but a tweak to YCC will introduce downside pressure in USDJPY.”
“Rate spreads still keep elevated pressure on USDJPY, but a tweak to YCC will help to ease some of that in what has otherwise been a crowded trade. We would not rule out FX intervention should the yen strengthen too much post YCC shift.”
“Position for a trading range sub-140.”
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