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Jun 03 - 06:55 PM

JPY: Domestic Demand/Supply Has Been Negative For JPY Since March But USD/JPY Above 115 Unlikely - BofA

By eFXdata  —  Jun 03 - 03:00 PM

Bank of America Global Research adopts a core bearish bias on JPY through year-end.

"On net, domestic demand/supply has been negative for JPY since March. This is also implied by USD/JPY's intraday price action as it has been rising in Tokyo trading zone while it has reversed lower in London," BofA notes.

"We continue to expect higher USD/JPY in 2H21 (113 year-end). We think USD/JPY above 115 is unlikely, while 105 would be a strong floor," BofA adds. 

BofA Global Research


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