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15 Mar 2013
Forex Flash: USD/JPY looks neutral ahead - BTMU
FXstreet.com (Barcelona) - Bank of Tokyo Mitsubishi UFJ analysts are neutral USD/JPY for the week ahead and see spot moving within a range between 94.50 and 97.50.
The begin by noting that the market expectation for the next Governor of the BoJ and recovery of the U.S.
economy supported the recent dollar buying. However, they note that the first monetary policy meeting is scheduled on April 3-4 and feel that they should wait for his first reaction for two weeks before reading any further. This week they note that USD/JPY did not respond to the improvement of the retail sales figures and next month the upcoming non-farm payroll figure may encourage further dollar buying. They write, “The FOMC and the chairperson's press conference may be no surprise and no policy change. If the next Governor calling for members of the board to make his first decision at the BoJ, the market expectation may be growing further and the USD/JPY may be hiking close to the upper-ceiling.”
The begin by noting that the market expectation for the next Governor of the BoJ and recovery of the U.S.
economy supported the recent dollar buying. However, they note that the first monetary policy meeting is scheduled on April 3-4 and feel that they should wait for his first reaction for two weeks before reading any further. This week they note that USD/JPY did not respond to the improvement of the retail sales figures and next month the upcoming non-farm payroll figure may encourage further dollar buying. They write, “The FOMC and the chairperson's press conference may be no surprise and no policy change. If the next Governor calling for members of the board to make his first decision at the BoJ, the market expectation may be growing further and the USD/JPY may be hiking close to the upper-ceiling.”