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Aug 12 - 09:55 AM

USD/JPY: Becomes Further Undervalued - Credit Agricole

By eFXdata  —  Aug 12 - 09:15 AM

Credit Agricole CIB Research discusses USD/JPY outlook based on the latest reading from its short-term fair-value model.

"It has been another volatile week for USD/JPY with the exchange rate oscillating between a rally post the strong US non-farm payrolls data to depreciating post a soft CPI print. Among all of this volatility, a preliminary update of our FAST FX model for the USD/JPY shows that its short-term fair value has declined from 138.10 to 136.90.. This drop in fair value is driven mainly by the rally in global equity markets," CACIB notes. 

"USD/JPY has declined much faster than its fair value and has moved further into undervalued territory. Based on a spot value of around 133.50, USD/JPY is more than two standard deviations undervalued," CACIB notes. 

Crédit Agricole Research/Market Commentary


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