BTMU FX Strategy Research discusses USD/JPY outlook for the coming week, maintaining a neutral bias on the pair and expects it to trade in 112.25-114.50 range in the very near-term.
"The ECB and BoE had been preparing to normalize interest rates, but have been settling down of late. Meanwhile, events in Saudi Arabia have been stoking market concerns. JPY has slowed its recent weakening, correcting somewhat. These factors had weighed down USDJPY at around 115.
USD has not rallied enough to boost USDJPY. Tax reform in the US remains a question mark. Speculators at the CFTC have been building JPY short positions, but not enough to breach the 115 level," BTMU adds.
Source: BTMU ResearchOriginal Article
