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USD/JPY heading towards 120 – BTMU

FXStreet (Barcelona) - Lee Hardman, Currency Analyst at Bank of Tokyo-Mitsubishi UFJ, sees next week’s expectedly strong US Q3 pushing USD/JPY towards the 120 level.

Key Quotes

“Prime Minister Shinzo Abe confirmed the postponement of the sales tax hike and the dissolution of the Diet this week. That supported USD/JPY’s rise to the 118.00-level.”

“The recent USD/JPY hike was supported by the strong market expectation for further JPY depreciation after the Diet dissolution and the BoJ’s QQE II. Major credit rating agencies addressed to start the review of Japan’s country rating and Japan credit default swap rate picked up. Those will likely support USD/JPY’s rise.“

“Next week, US Q3 GDP report will be released. It is expected to confirm that the US economy still expanded strongly in Q3 which appears likely to have continued in Q4 supporting USD/JPY’s rise towards 120.00.”

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