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USD/JPY: Tentative pick-up in risk sentiment lifting the Dollar – MUFG

Analysts at MUFG Bank, continue to have a bearish perspective on the USD/JPY pair. They see it trading next week in the range 105.00-108.00

Key Quotes

“USD/JPY has been up slightly. However USD/JPY has been stuck in range so far in September, as USD has not continued its rally and JPY selling has not picked up. USD/JPY typically stabilizes ahead of the end of 1H. But JPY selling flows have been very strong, with overseas securities investing by Japanese investors at JPY210.0 billion and medium- to long-term debt buying at JPY1.49 trillion. JPY selling flows by Japanese investors appears to be supporting the lower bound for USD/JPY.”

“Key points to watch will be US retail data as well as the Cabinet reshuffle in Japan. Yet these are unlikely to have a big impact on USD/JPY.”

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