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USD/JPY could hit 110.00 in 3m view – Danske Bank

FXStreet (Edinburgh) - Morten Helt, Senior Analyst at Danske Bank, expects the pair to climb to the key 110.00 barrier in a 3-month view.

Key Quotes

“USD/JPY is back in business; we target 114 (9 September), we changed our USD/JPY forecasts due to GPIF reforms and portfolio outflows”.

“In addition, we continue to believe that the market is underestimating the Fed and that a re-pricing of the first Fed hike will support the USD going forward”.

“Hence, our call for a weaker JPY is not dependent on additional easing from BoJ as the monetary easing is already aggressive while the Fed will gradually start to normalise monetary policy”.

“As such, we expect that USD/JPY appreciation will play out over the coming three to six months and we have raised our 1M, 3M and 6M USD/JPY forecasts to 107, 110, and 112, respectively, from 102, 105 and 110, previously. We maintain our 12M USD/JPY forecast at 114”.

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