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New target for USD/JPY is 120.00 - JPMorgan

FXStreet (Bali) - JP Morgan FX Strategists see USD/JPY appreciating to 120 by September 2015, following the BoJ further ease/GPIF announcement.

Key Quotes

"Our new target for USD/JPY is 120 Although balance sheet analysis suggests significantly higher level of USD/JPY, recently many officials and industrial groups start showing concern over weak JPY."

"Therefore, if USD/JPY continues to appreciate from here sharply, the voices concerning too much weak JPY is likely to be louder and louder. Therefore, we put more importance on the analysis using real yield differential, which suggest milder USD/JPY appreciation. Then we took into account some negative impact on JPY from GPIF’s allocation change. Now, we see USD/JPY to appreciate to 120 by September 2015."

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