JPY analysis from Credit Agricole.

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Credit Agricole provided its outlook on USD/JPY and EUR/JPY. “The JPY seems to be rallying for all the wrong reasons and, that said, bad reasons – risk aversion, growing market disillusionment with Abenomics and deepening investor conviction that the BoJ has run out of tools to boost growth and inflation. Persistent policy divergence between the BoJ and the Fed should ultimately help lift USD/JPY over the longer-term. When it comes to EUR/JPY falling expectations of the BoJ considering additional policy action coupled with intact growth worries have been weighing on the cross. We closed our long EUR/JPY trade at 121.70 yesterday” written in the report.


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