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Jul 29 - 02:55 PM

USD/JPY: Cautious In Chasing USD/JPY Lower From Here

By eFXdata  —  Jul 29 - 01:30 PM

TD Research doesn't like to chase USD/JPY lower from here. 

"We are concerned the yen has already done its part vs the USD. A perceived Fed pivot by markets has induced an appreciable liquidation in USDJPY already. We are cautious in chasing USDJPY lower from here given the USD's sensitivity to the data with upcoming ECI and payrolls reports," TD notes. 

"USDJPY around 135 is about fair with spreads currently. The latter should establish a floor given divergent policy Moreover, USDJPY is largely a function of the terminal rate expectations in this new inflation paradigm,," TD adds.

TD Bank Research/Market Commentary


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