By Jeremy Boulton — Aug 08 - 03:25 AM
USD/JPY has traded 141.68-147.93 this week
There is a chance that the pair settles within a rough 140-150 range
Japanese firms forecasting 142.68 average this FY should be eager dip buyers
Weekly Ichimoku cloud base - shaped base after 2022 intervention - is 140.78
BOJ policy will continue to weigh on yen - bond buys will limit upside
Expectations for US int rate may encourage specs to sell short and sell low
Changes to policy will lessen pressure on yen limiting extent of its decline
Consolidation phase following Jul-Aug plunge should be lengthy
Whatever BOJ does, unlikely to change policy quickly following this shock
Source:
Refinitiv IFR Research/Market Commentary