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Oct 05 - 06:55 PM

USD/JPY: Market Would Buy USD/JPY Dips; Targeting 150 In Q3'23 Before Peaking Out - BofA

By eFXdata  —  Oct 05 - 03:00 PM

Bank of America Global Research discusses USD/JPY outlook and maintains bullish bias through Q1 of next year.

"USD/JPY rally may slow down as the Japanese government attempts to cap USD/JPY’s upside but the market would buy USD/JPY’s dip. Carry trades are likely to weigh over JPY if the market comes to realization that the Fed is expected to hold for some time," BofA notes. 

"USD/JPY is likely to test 150 by 1Q23 before peaking out on a US recession concern first in the middle of 2023 and correcting on the Fed’s rate cuts later into 1H24," BofA adds. 

Source:
BofA Global Research

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