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Forex: USD/JPY longs looking to take profit - TDS

FXstreet.com (Barcelona) - With USD/JPY soaring to fresh new highs above the 97 handle, not seen since August 2009, “those who have ridden the USD/JPY rally up over the past few months will be looking to take profit—sooner rather than later if the USD cannot rally more obviously,” says Toronto based Chief FX Strategist at TD Securities Shaun Osborne.

“Also,” he expands, “Japanese exporters have a great opportunity to hedge receivables now at a significant (record-equalling by recent standards) premium to where they think the USD/JPY exchange rate will average this year (JPY85.22 for the major manufacturers, according to the March ‘tankan’ report released a few days ago),” Shaun notes.

“We may well see the emergence of more obvious two-way flows in the market now that the BoJ has delivered all the easing goods is has available,” the analyst adds, concluding: “We currently have JPY100 in our forecast for USD/JPY next year. We may well have to bring forward that goal.”

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