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USDJPY: Range bound within 119.30-121 band with slightly bearish bias- Goldman Sachs

FXStreet (Delhi) – Samuel Wong, Fixed Income Strategist at Goldman Sachs, expects that the USDJPY pair is likely to trade within the range of 119.30/121, with a slightly bearish bias in the short term.

Key Quotes

“USDJPY held yesterday more or less where it should have, holding above the trend channel around 119.30 and bouncing back along with equities. As we’ve consistently stated equities are really the driving force at the moment – GS Techs feel that we may be nearing a short term base so this fits with our range view of USDJPY. Positioning feels light given risk shorts were squeezed out last Friday on the move back above 121. It’s month end today so that should drive price action in the short term.”

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