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Aug 29 - 12:55 PM

JPY: When To Sell EUR/JPY Rallies - BofA

By eFXdata  —  Aug 29 - 10:45 AM

Bank of America Global Research looks for opportunities to go short EUR/JPY over the coming months.

"JPY is by no mean our favorite currency. It is the only negative interest rate policy (NIRP) currency with no signs of a dovish pivot by the central bank. USD appears strong with a rising policy rate and a tight labor market, which suggests USD/JPY remains supported," BofA notes. 

"However, from a cyclical time horizon, the worst for JPY may be behind us as it looks better positioned in some measures compared to EUR and CNY and currencies correlated with these two. If a USD/JPY rally induces broader JPY weakness, we would sell EUR/JPY's rally," BofA adds. 

BofA Global Research


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