USD/JPY to remain trading within the 104.00-106.50 range – Westpac
|Economists at Westpac retain the USD/JPY sell target at around 107 even if the 104.00/106.50 range looks set to continue for some time to come.
See: USD/JPY eyes 104.00 after a sharp sell-off from the three-month downtrend at 105.82 – Commerzbank
Key quotes
“We have long argued that as we moved through September into October that risk sentiment would take a hit as a widening political chasm in the US all but ruled out fiscal support for the ailing household and markets started to price in more disruption through the US election and beyond. However, for the moment, the market seems happy to be using USD/JPY to express US$ directional views rather than risk-on/ risk-off.”
“As we approach the end of the month and as the election looms front and centre, we expect to see a stronger yen coming through.”
“We remain on the sidelines for now as the 104.00/106.50 range looks set to continue for some time to come, but would retain our sell target at around 107.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.