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Forex Flash: USD/JPY year-end target at 95.00 – Scotiabank

The Japanese yen is gathering some traction now, hovering over the mid 93.00s ahead of the FOMC minutes. According to Camilla Sutton, Chief Currency Strategist at Scotiabank, PM S.Abe would announce the new BoJ governor at the end of the month and the yen is likely to stabilize ahead of this event.

“We expect further USDJPY upside, with a potential run up to 100; however there are significant factors that limit a sustained rise, including the cost burden of energy imports. We hold a year-end USDJPY target of 95.00”, concludes Sutton.

USD on demand ahead of FOMC minutes

The dollar trades firmer across the board as the day has been marked by risk aversion since the European session. The pound tumbled, dragging other currencies with it, after the latest Bank of England minutes showed the MPC voted 6-3 to keep the amount of asset purchases unchanged, against 8-1 expected.
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Forex: GBP/JPY in weekly lows, around 143.00/15

The cross is suffering the weakness surrounding the sterling on Wednesday, testing last week’s lows in the vicinity of the 143.00 figure....
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