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May 19 - 01:24 AM

USD/JPY: Investors Bought The Dip In March & April; What's Next? - BofA

By eFXdata  —  May 18 - 02:00 PM

Bank of America Global Research maintains a structural bearish bias on USD/JPY over the coming months.

"Lockdown in key foreign economies led to deterioration of Japan's current account balance in March and likely in April while investors may have bought USD/JPY's dip. These factors probably mitigated downward pressure on USD/JPY in March," BofA notes. 

"Going forward, (1) a low oil price, (2) bottoming out of exports, (3) slowdown in outward M&A, and (4) the unattractive level of unhedged foreign bonds, should be supportive of JPY," BofA adds. 

Source:
BofA Global Research

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