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J.P.Morgan Recommend Long USD/JPY

JPY

Late on Friday J.P.Morgan wrote “we maintain that conditions are not ripe yet for sustainable JPY appreciation following MoF intervention, and are therefore inclined to re-add USD/JPY length on dips.”

  • “As we discussed as far back as March, maintaining YCC policy but intervening against currency weakness are incongruous. Moreover, as we have long stated, it has not been obvious that USD/JPY is dislocated from fundamentals, nor is speculative positioning extreme according to traditional positioning metrics we track.”
  • “Particularly on the back of hawkish Fed developments, fundamentals still point to USD/JPY at least several yen higher from current levels. We therefore add long USD/JPY.”
  • They recommend adding USD/JPY longs at Y143.10 with a stop-loss set at Y137.40.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

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