Forex Flash: USD/JPY directionless for 2013 – JPM (Barcelona) - According to the Global FX Strategy Team at JP Morgan based in Japan, both USD and JPY would depreciate over next year, and thus making the USD/JPY pair “remain directionless,” the team says.

“Our baseline scenario is that the global economy will follow a gradual recovery trend in 2013 and that the European crisis will not exacerbate. Against this backdrop, the four major factors that led the JPY's underperformance in 2012 are likely to continue being factors that apply downward pressure on the JPY in 2013,” the analysts explain, adding: “That said, since this kind of market environment will also be negative for the USD – another major financing currency alongside the JPY –, we expect both the USD and the JPY to depreciate in 2013 while USD/JPY should remain directionless.”