USD/JPY to 129 on a Q2 target - Scotiabank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Analysts at Scotiabank explained that JPY has consolidated its early February gains and has entered March at the upper end of its one year range.

    Key Quotes:

    "Its divergence to EUR has been notable, with a failure to weaken in response to the moderation in risk aversion through the latter half of February.

    Measures of sentiment are bullish with a four year high in the $5.9bn net long CFTC position as of February 23 and longer-term risk reversals suggesting steady demand for protection against JPY strength. We anticipate a fade in sentiment and refocus toward fundamentals.

    We hold a Q2 USD/JPY forecast of 129."
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