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USD/JPY points upwards medium term – Danske Bank

FXStreet (Edinburgh) - Further stimulus by the BoJ will send USD/JPY towards the 125.00 handle in a 3-month view, according to Morten Helt, Senior Analyst at Danske Bank.

Key Quotes

“We change our call and now expect the BoJ to add further stimulus at the 30 October meeting in the form of additional QQE with an increase of its target for the annual monetary base expansion from JPY80trn to JPY100trn”.

“This should ensure short-term support for USD/JPY and we have revised our 1M and 3M forecasts higher to 124 (120) and 125 (124), respectively”.

“The relatively modest upward revision of the 3M forecasts despite our call for more BoJ easing reflects a postponement of the first Fed hike to Q1 16 and a diminishing effect on the JPY versus previous easing announcements”.

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