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Sep 23 - 10:55 AM

USD/JPY: S-Term Fair Value Around 147; Intervention Unlikely To Have M-Term Impact - Credit Agricole

By eFXdata  —  Sep 23 - 09:30 AM

 

Credit Agricole CIB Research discusses its reaction to yesterday's BoJ intervention.

"Our short-term FAST FX model points to USD/JPY’s fair value currently being close to 147 due to the divergence between the Fed and the BoJ; a divergence that has been dramatically confirmed in the past 24 hours," CACIB notes.

"We do not expect the MoF’s intervention to have a medium-term impact, and in the coming week it will be up to the US economic data to weaken and lower the USD/JPY to justify the MoF’s intervention, because without a change in tack by the Fed or the BoJ, the JPY’s predicament will not change," CACIB adds. 

Source:
Crédit Agricole Research/Market Commentary

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