Shuaib Chowdhary, Macro Strategist at Deutsche Bank, recommends to go long on USD/JPY pair as their G10 trade idea of the week.
“Target 114, entry 111.2, stop 109”
“Firstly, JPY remains expensive on 2Y nominal rate differentials, which points to a fair value of 120 for USDJPY.”
“According to our RSI indicator, USDJPY is also currently at stretched levels to the downside.”
“Finally, our CORAX positioning data suggests that USD long positions have been pared substantially in recent months.”
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