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USD/JPY And NFP: Range/Outlook

Published 05/07/2015, 02:36 PM
Updated 07/09/2023, 06:31 AM
USD/JPY
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DX
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While recent US data releases have weighed on the US dollar, USD/JPY has been relatively supported by the lingering JPY selling flows of Japanese investors and companies, notes Bank of Tokyo Mitsubishi (BTMU).

The weaker data may break support for USD/JPY at 118.00-level. Yet, Japanese companies and investors may limit the downslide for USDJPY near the 117.00-level.

A weak non-farm payroll report would increase downside risks for USD/JPY. In contrast, if the non-farm payroll report proves better than expected it will support the US dollar although upside beyond the 120.00-level may prove limited.

All in all, BTMU see USD/JPY trading in 117.50-121.00 range over the coming few weeks.

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