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USD/JPY risks still skewed to the upside - Nomura

FXStreet (Bali) - A potential acceleration of Abenomics sees USD/JPY risks still skewed to the upside, notes Nomura.

Key Quotes

"USDJPY dropped around 4% in early October in the face of severe tension in global markets. But we still expect the trend into year-end to be of USDJPY appreciation. Japanese political developments could accelerate JPY weakness against USD in November and December, while the investment flow situation continues to point to JPY weakness in the coming months."

:The final decision on the consumption tax hike and the political calendar into 2015, which may encourage Abe cabinet to re-ignite Abenomics, are likely to be important in this regard. Thus, we recommend trading USD/JPY from long side. Any fresh announcement by the BOJ, clarifying QE plans in 2015, adds an unpredictable element in this respect."

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