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Sep 30 - 09:55 AM

USD/JPY: Shrugs Off Change In Leadership; Staying Long For 115 - Credit Agricole

By eFXdata  —  Sep 30 - 08:58 AM

Credit Agricole CIB Research discusses USD/JPY outlook and maintains a bullish bias and a long exposure in spot targeting a move towards 115.

"Fumio Kishida, former Chair of the LDP’s Research Council and Foreign Affairs Minister in Shinzo Abe’s cabinet, will be Japan’s new PM following the LDP Presidential election yesterday," CACIB notes. 

"The Nikkei and the JPY did not react to the election result for several reasons...This leaves USD/JPY sensitive to UST yields and market sentiment. We maintain a year-end target for the exchange rate of 115 and stay long USD/JPY as a trade recommendation," CACIB adds. 

Source:
Crédit Agricole Research/Market Commentary

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