Westpac economists maintain the sales objective of the USD/JPY at around 107, even if the 104.00 / 106.50 range looks like it will continue for some time.
Key statements
“We have long argued that as we progressed from September to October, risk sentiment would suffer as a widening political gulf in the US almost ruled out fiscal support for the coronavirus-affected population. and the markets started to generate more disruption during the US elections. However, for the moment, the market seems happy to use USD / JPY to express directional views in US dollars rather than risk on / off. ”
“As we approach the end of the month and the elections loom front and center, 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 it would keep our sell target around 107.”
Credits: Forex Street
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