USD/JPY seen easing to 140.00 in H2 – Scotiabank
Source Fxstreet
The Japanese Yen (JPY) continues to languish. Economists at Scotiabank analyze USD/JPY outlook.
A rapid move higher in the JPY is possible
We forecast USD/JPY easing to 140.00 in H2. This is predicated primarily on the USD responding negatively to easier Fed monetary policy.
The onerous carry makes long JPY positions prohibitive unless market participants feel the JPY is poised to rally strongly and in quick order.
A rapid move higher in the JPY is possible – but perhaps only once traders are convinced that a Fed policy pivot is imminent.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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The USD/JPY pair is seen consolidating in a narrow band around mid-159.00s during the Asian session on Tuesday as traders opt to wait for the crucial Bank of Japan (BoJ) before placing fresh directional bets.
Gold price (XAU/USD) holds steady near $4,600 during the early Asian session on Wednesday. The precious metal steadies as traders await a key Federal Reserve (Fed) interest rate decision later on Wednesday.
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