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Forex Flash: USD/JPY to stay neutral ahead - BTMU

Bank of Tokyo Mitsubishi UFJ analysts feel that USD/JPY looks neutral ahead and foresee spot moving within a range around 95-92.50.

They begin by noting that the interview process for the nomination of the Governor and Deputy Governors of the BoJ was completed this week and most of the major political parties showed their affirmative or neutral stance toward the three candidates. They add that though the nomination process may have had no major surprises, the process did certainly confirm the view in the market that the BOJ will implement aggressive easing under the new leadership. They finish by writing, “If the coming nonfarm payroll report confirms the improvement of the U.S. economy, USD/JPY is likely to remain broadly stable at the top of the upper-ceiling of our range at the 95.00-level, as we suspect that scenario is broadly priced.”

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